Project Management - An Introduction to Estimating Methods

There is no doubt about the fact that a lot of us find it extremely hard as far as estimating work is concerned while handling a certain project. The fortunate ones are born with the skill of handling it timely; others learn the art while few are still left who fail to acquire it for the rest of their lives. Therefore, you as a human being should know about your particular capabilities.

Here are few guidelines which can help you estimating work on a certain project and tackling the issues which come on your way;

a. As estimating is directly related to planning therefore planning a specific project accurately before starting it is extremely vital. In order to do the planning successfully, one has to estimate a number of things including the amount of money required for it, how much duration will it take to complete, how much will you be able to save or make, the degree of risk involved with it as well as other aspects.

b. Estimating, in the real sense of term, is nothing more than just a guess of how you will handle things while undergoing a certain project. No matter how good you are in judging, there is no surety that u succeed 100% in accordance with your estimate as at the end of the day it is nothing more than a mere guess.

How to make the most effective guess?

a. Consult the person who is responsible to handle the project and either say him to do the estimate roughly on his own or take his help in doing so.

b. Do not forget to contact an experienced and expert person on the subject matter.

c. Always make use of historical data in order to do the estimation at its best.

d. There is no harm in utilizing field studies, undergoing some tests and trial runs as a guide.

e. After following all the above mentioned steps, try to prepare the estimate on your own.

In spite of the fact that all these guidelines are equally important however their effectiveness will depend upon certain factors including the availability of previous data, amount of time given to make it, subject matter and so on.

No matter which ever approach you choose to prepare an estimate however always remember that your estimate should show what u think would be the most outcome of your project.

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