Best Practices

Now that we have an overview of the estimating techniques and methods that are available to us, and we have a feel for the estimating mistakes that are commonly made, let's review the estimating best practices of successful organizations and projects.

I have no doubt that these last two guidelines are common, everyday practice in your "real-world" experience.

A clear example of why leadership, negotiation, and communication skills are so important for project managers.

The Absolute Minimum

At this point, you should have a solid understanding of the following:

  • It takes time and money to develop accurate estimates.
  • Any estimating technique will improve results if it is used consistently by leveraging lessons from the past.
  • To get science in the process, estimates must be compared to actual performance.
  • Multiple estimating techniques can be used together. The art is knowing when to use which technique and knowing how much accuracy is required for the business decision at hand.
  • Many variables beyond the control of the project team, such as changing specs, team turnover, and failed technology, can invalidate original estimates.
  • Project managers should never work independently when making estimates.
  • Organizations must make a conscious effort to establish rigor and procedures to estimating to improve accuracy over time.
  • All stakeholders are responsible for estimates.

The map in Figure 7.4 summarizes the main points we reviewed in this chapter.

Figure 7.4. Estimating the work overview.

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