The Delphi technique uses several subject matter experts (SMEs) to develop independent estimates, document assumptions, and discuss the differences. Prerequisites Steps Repeat this procedure for…
Posts tagged as “Estimating”
Estimates are just that, an estimate of future costs. The accuracy of estimates can vary greatly and generally range between -50% to +50% of the…
Here are three techniques for estimating project costs. Top Down Bottom Up Parametric
I’ve mentioned it before, but it’s worth repeating. We do not pad work estimates. Padding work estimates means adding more time or cost to project…
A colleague caught me off-guard the other day when he said he could calculate time. It took me a minute, but I got it. He…
Douglas Hofstadter’s law of programming simply states that, “It always takes longer than you think, even when you take into account Hofstadter’s law.” While Hofstadter…
Padding is extra time added to work estimates or schedules. Some might call it a cushion that is added to estimates when project managers do…
Project managers are under constant pressure to reduce the scheduled time to complete their projects. It is called crashing the project when you add resources…
Estimating project costs is hard. Get it right and you are a hero. Get it wrong and you get roasted. Work package estimates should be…
Have 2 experts make independent estimates (or one expert estimate it twice). Sadly, this seems to be the estimating technique on many projects. Fortunately, we…