Practice standard for project estimating by Project Management Institute

By Project Management Institute

Offers directions for venture managers on constructing charges, assets, and time estimates within the early levels of a venture and strategies for refining those estimates in the course of every one undertaking stage.

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Sample text

This may include lessons learned and risk reports. 3 Activities Once the inputs have been gathered, the project manager should document the project estimating approach with regard to estimating cost, activity duration, and activity resources. 1 Scope of Estimate The scope of the estimate should be clearly defined. During this activity all items included and excluded should be expressly identified and documented, along with a detailed list of assumptions. This should not be confused with the project scope statement or scope baseline.

6 Project Estimating Approach The project estimating approach, as created during the Prepare to Estimate stage, defines the approach for managing and monitoring the project estimates and forecasts. This, along with the organizational process assets, should outline the plan for managing the estimate. 3 Activities This section covers the activities applied to the initial and revised estimates to properly manage and maintain the estimate through achievement of the project objectives. The activities described in this section are good practices that can be applied to most projects, most of the time, rather than a single solution for managing every project estimate.

In the initial project resource estimate baseline, the known skill needs are documented and filled as close to the requirements as possible, and brought on and off the project in an optimal order. If the project runs according to plan, the resource estimate should reflect the proper use of resources throughout the project life cycle. This situation is not always the case. With the sudden turnover of a key resource, the project manager and project team may need to evaluate the availability of suitable candidates to fulfill the remaining workload.

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