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Introduction
Estimating: The process of forecasting or
approximating the time and cost of
completing project deliverables.
Good estimation is critical for successful
completion of a project on time, on budget
and on the mark.
Use the WBS as the basis for creating
activity estimations.
Estimating is not an exact science.
Projects often involve a greater degree of
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uncertainty.
Introduction
Estimating manual
- Developed over time
- Use to price out effort. Accuracy +-10%
Detailed estimate
- Uses the WBS
- Takes the WBS down several levels
Quotation method
- Compare three quotations
- Select the best quotation
Handbook manuals
Learning curves
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Estimation Pitfalls
Cost/Hour Estimates
Estimating
Method
Generic
Type
WBS
Relationship
Accuracy
Time to
Prepare
Parametric
ROM*
Top Down
-25% to +75%
Days
Analogy
Budget
Top Down
-25% to +75%
Weeks
Definitive
Bottom Up
-5% to +10%
Months
Engineering
(Grass Roots)
Direct Costs
Normal costs that can be assigned directly to a
specific work package or project activity.
Labor, materials, equipment, and subcontractors
Classroom Activity 9a
Why is estimating not an exact science?
Why do people tend to underestimate
activities?
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Questions?
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