12 - Estimating Flashcards
What is the purpose of an estimate?
Forecast
probable time and cost
What are some typical situations requiring an estimate?
Resource planning
Budget setting
Risk
Outline four methods of estimating
Analogous (comparison)
Analytical (breakdown structure)
Parametric (historical data)
Delphi (expert rounds)
Describe an Analogous estimate
Comparison of overall cost to similar project
Requires previous data
Requires comparable
Describe a Parametric estimate
Comparison of overall cost to similar projects
Statistical relationship
Historical data and other data
Describe a Delphi estimate
Surveys of experts
Multiple rounds
Consensus achieved
Describe an Analytical estimates
Breakdown of project
Research
Discuss estimates in lifecycles
Options
CADMID
SOC, OBC, FBC
Through life
Problems with estimates
Subjectivity
Assumptions
Optimism bias
Lack of experience, data or communication
