What to Know for Estimating Projects

ByKarthik Kumar D Kon27th Jul 2021, 2022-12-01T08:00:00+05:30
Read
Pause
Resume
Stop
What to Know for Estimating Projects

Estimating projects is part of project management. And we can’t always estimate a project with 100% accuracy. There will be learning from the failed attempts at estimating projects, maybe with running overtime, or with budget, or with resources etc.

If one needs to deliver a project successfully then one must estimate the project as better as possible.

And in this article we are gonna see a few tips and tricks to get a better estimation on projects, and here’s the list of items.

  • Why do estimations go wrong?
  • What to consider while estimating?
  • Why do estimates go long?
  • And few approaches for estimating!

Why do estimations go wrong?

In general estimations go wrong because of human errors. In some cases the assumptions made might not be having an actual solution while implementing it. Or in some cases assumptions would be made only for the best cases.

Experts came up with a term called Planning Fallacy, which is a bias that humans have of being overly optimistic.

They suggest that planning fallacy would happen as a result of a habit of assuming the best case scenario and ignoring the historical data. And this can affect all parts of the estimation in a project.

What to consider while estimating?

To get the better estimation on a project, you have to provide your client with a picture of what work or scope is there in the project. So to do this, you have to consider below ones

  • Effort estimation
  • Cost estimation
  • Resource estimation
  • Time estimation

1. Effort estimation

Effort estimation pretty much includes everything from time, capacity, skill needed & resources available. We need to get the effort needed for a project to get a high-level picture at the early stages of the project.

2. Cost estimation

Cost estimation is also important to run the project efficiently, and you can ensure the client or stakeholder that you have needed a budget to complete the project. And it's important to get this data at an early stage of the project lifecycle.

3. Resource estimation

You have to plan for all the resources including people, tools, softwares, hardwares, any licences etc. You have to make sure when & how much resources are needed at a single point of time.

4. Time estimation

You should get a defined schedule, which has a buffer time with all the milestones estimated. Ideally preparing a Project schedule will get you a better picture. And by this you will be able to indicate clients or stakeholders when they can see results.

Why do estimates go long?

Generally estimating a project itself will take nearly 30% of the project's entire time span. And yes this long time is needed, to get a better & proper plan, which includes creating all planning doc’s & a proper project management plan.

And few approaches for estimating!

There are few approaches used by project managers for project estimation and they make sure to keep this process very agile so that it's easy to manage. Below are the few approaches.

  • Top-Down approach
  • Bottom-Up approach
  • Analogous approach
  • Parametric approach
  • Three-point approach
  • What-If analysis

Will detail it out about the above mentioned approaches in the future article.

So, project estimation is really necessary for project planning. In case if a project is really big in terms of scope, having a project management tool would be helpful.

1,600OFF
Xtore Beautiful Finish Uniquely Hand Crafted Home Dcor African Tribal Women Art Piece - (Set of 3, Multicolour), Resin

Xtore Beautiful Finish Uniquely Hand Crafted Home Dcor African Tribal Women Art Piece - (Set of 3, Multicolour), Resin

899 2,499
These uniquely hand crafted and painted resin black African tribal lady figure make an excellent compliment to any home/office decor. It makes a great display for culture/tradition appreciation events and a perfect gift for your loved ones. Unique and Rare - Hand Painted and Hand Crafted.
Home & Decor
13,000OFF
OnePlus 108 cm (43 inches) Y Series 4K Ultra HD Smart Android LED TV 43Y1S Pro (Black)

OnePlus 108 cm (43 inches) Y Series 4K Ultra HD Smart Android LED TV 43Y1S Pro (Black)

26,999 39,999
Resolution : 4K Ultra HD (3840x2160) | Refresh Rate : 60 Hertz. Connectivity: 3 HDMI ports to connect set top box, Blu Ray players, gaming console | 2 USB ports to connect hard drives and other USB devices | Dual-band Wi-Fi Sound : 24 Watts Output | Dolby Audio | Dolby Atmos Decoding. Smart TV features: Android TV | OnePlus Connect Ecosystem| Google Assistant | Chromecast, Miracast, DLNA | Auto Low Latency Mode | Supported Apps : Netflix, Youtube, Prime Video, Hotstar, SonyLiv, Hungama, JioCinema, Zee5, Eros Now, Oxygen Play.
Televisions
7,000OFF
OnePlus 80 cm (32 inches) Y Series HD Ready LED Smart Android TV 32Y1 (Black)

OnePlus 80 cm (32 inches) Y Series HD Ready LED Smart Android TV 32Y1 (Black)

12,999 19,999
Resolution: HD Ready (1366x768) | Refresh Rate: 60 hertz. Connectivity: 2 HDMI ports to connect set top box, Blu Ray players, gaming console | 2 USB ports to connect hard drives and other USB devices, Dimensions(TV With Stand) - 71.3cm x 20cm x 46.9cm | VESA Hole Pitch - 20cm x 20cm. Sound : 20 Watts Output | Dolby Audio. Smart TV Features: Android TV 9.0 | OnePlus Connect | Google Assistant | Play Store | Chromecast | Shared Album | Supported Apps : Netflix, YouTube, Prime video | Content Calendar | OxygenPlay. Display : LED Panel | Noise Reduction | Colour Space Mapping |Dynamic Contrast | Anti-Aliasing | DCI-P3 93% colour gamut | Gamma Engine | Design: Bezel-less | Screen/Body Ratio = 91.4%. Warranty Information: 1 year comprehensive warranty and additional 1 year on panel provided by the manufacturer from date of purchase.
Televisions

Related Articles

1,031OFF
eCraftIndia Ganesh Deepak with Bell Brass Wall Hanging (11 cm x 8 cm x 24 cm, Brown)

eCraftIndia Ganesh Deepak with Bell Brass Wall Hanging (11 cm x 8 cm x 24 cm, Brown)

968 1,999
1 Brass Ganeshs wall hanging Deepak with bell and Dancing Ganesha. Don't wash, use dry/wet cotton cloth to remove dirt.
Home & Decor

Recent Articles

Recent Quick Read

Recent Great People

32,991OFF
Hisense 139 cm (55 inches) Tornado 2.0 Series 4K Ultra HD Smart LED Google TV 55A7H (Silver)

Hisense 139 cm (55 inches) Tornado 2.0 Series 4K Ultra HD Smart LED Google TV 55A7H (Silver)

36,999 69,990
Resolution : 4K Ultra HD (3840x2160) | Refresh Rate : 60 Hertz | 178 Degree wide viewing angle. Connectivity: 3 HDMI ports to connect set top box, Blu Ray players, gaming console (HDMI 1 eARC supported) | 2 USB ports to connect hard drives and other USB devices | Dual-band Wi-Fi | Bluetooth 5.1. Sound : 102 Watts Output | JBL 6 Speakers System | Dolby Atmos for remarkable sound quality. Smart TV features: Google TV with Watchlist | Google Play Store | Google Assistant | Chromecast, Miracast, DLNA, Airplay | Auto Low Latency Mode for VRR | Supported Apps : Netflix, Youtube, Prime Video, Hotstar, SonyLiv, Hungama, JioCinema, Zee5, Eros Now. Display :10 bit Panel | Bezel-less Floating Display Design | ALLM | Decoding of Dolby Vision, HDR10, HLG | 1 Billion Colours | MEMC. Warranty Information: 2 Year Comprehensive Warranty on product provided by Hisense from date of purchase.. Installation: For requesting installation/wall mounting/demo of this product once delivered, please directly call Hisense Support for assistance (Please visit Hisense Website for Toll Free Numbers) and provide product's model name and seller's details mentioned on your invoice. The service center will allot you a convenient slot for the service. Easy Returns: This product is eligible for replacement within 10 days of delivery in case of any product defects, damage or features not matching the description.
Televisions
26,991OFF
Hisense 139 cm (55 inches) Bezelless Series 4K Ultra HD Smart LED Google TV 55A6H (Black)

Hisense 139 cm (55 inches) Bezelless Series 4K Ultra HD Smart LED Google TV 55A6H (Black)

32,999 59,990
Resolution : 4K Ultra HD (3840x2160) | Refresh Rate : 60 Hertz | 178 Degree wide viewing angle. Connectivity: 3 HDMI ports to connect set top box, Blu Ray players, gaming console | 2 USB ports to connect hard drives and other USB devices | Dual-band Wi-Fi | Bluetooth 5.1. Sound : 24 Watts Output | Dolby Atmos | Dolby Digital. Smart TV features: Google TV | Watchlist | Google Assistant | Far Field Vioce Control | Chromecast, Miracast, DLNA | Auto Low Latency Mode for VRR | Supported Apps : Netflix, Youtube, Prime Video, Hotstar, SonyLiv, Hungama, JioCinema, Zee5, Eros Now. Display :10 bit Panel | Bezel-less Floating Display Design | ALLM | Decoding of Dolby Vision, HDR10, HLG | 1 Billion Colours | MEMC.
Televisions
350OFF
Amazon Brand - Solimo Slim Stainless Steel Water Bottle, Set of 3, 1 L Each

Amazon Brand - Solimo Slim Stainless Steel Water Bottle, Set of 3, 1 L Each

649 999
Stainless Steel water bottle set for home and office use. Made using high quality stainless steel for added durability and long life. Made from 100% food grade materials to be safe for everyday usage. Features a spill-proof design; has a snug fitting lid for easy usage and prevention of leaks. Ergonomic design for comfortable grip and rust free body. Ideal for storing water, iced tea, juices, shakes and more. Dimensions: L x W x H: 7.3 x 7.3 x 26 cm. Package Contents:- Solimo Stainless Steel Water Bottle Set of 3, Weight: 200 gm each, Colour: Silver, Capacity: 1 litre each.
Kitchen & Dining
1,272OFF
Bajaj Rex 500W Mixer Grinder, Purple

Bajaj Rex 500W Mixer Grinder, Purple

2,278 3,550
Wattage : 500 W, Voltage: 230V~50 Hz: Revolution: 20,000 RPM. Powerful 500W Titan Motor with Radio Knob: Easy selection of Speed. 2-in-1 Blade: The dry grinding jar can be used for dry and chutney grinding both. Product warranty by Bajaj - 2 Years. T&C Applied. Pulse Mode: Used for mixing and grinding without stopping your mixie. Perfect to mince chicken , get bread crumps, small puree and making lump free gravies.
Kitchen Appliances
We Need Your Consent
By clicking “Accept Cookies”, you agree to the storing of cookies on your device to enhance your site navigation experience.
I Accept Cookies