Achieving results- Estimating

Question 1

define estimating

Answer 1

the use of tools and techniques to forecast data on time and costs of completed work

Question 2

Why do we estimate?

Answer 2

1. To obtain funding
2. To obtain resources
3. To assess viability
4. To form a basis of control- creates baseline for measuring progress

Question 3

What might estimating during a project lifecycle look like?

Answer 3

1.pre- conception. little knowledge of costs +- 50%
2.concept- some understanding +- 30%
3.define - better understanding. high level plan+- 15%
4.deployment- estimates now known +- 10%
5.transition- actual costs known 0%