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Is that project estimate accurate?

By D Southgate ·
When you've done your project estimate or forcast, how can you make sure that the numbers infront of you are accurate?

With project funding tighter than ever, people are being ask to not only show ROI but also to make sure projects come in on or under budget.

I'm looking for real life examples (for an upcoming article) about how you can gauge the accuracy of PM estimates and forecasts.

Please write to me here or at dcgate@yahoo.com
-Regards,
David Southgate
dcgate@yahoo.com
BIO: http://www.techrepublic.com/authorbios/author_bio.jhtml?authorId=dcs

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Project Estimates

by Haris In reply to Is that project estimate ...

It might not be possible to able to give an estimate with 100% accuracy, however there are certains steps and tools available which when followed and used make the project estimate more reliable.

We should be judging the project estimate with respect to its degree of accuracy. A certain degree of adjustment has to be anticipated and contingency and allocation for worst case scenarios need to be applied.

If the project managers have worked carefully on defining the project scope and thesehave been carefully projected to a Work Breakdown Structure then there is a higher degree of accuracy for such projects. A good analysis and a good project plan ensure the accuracy of the estimates. In fact the better the scope definition, the estimates are more likely to be realistic and accurate.

There are certain tools available that allow simulating the projct through its life cycle. Following these simulations and idntifying different conditions that can arise during the course of the project help determining a better estimate.

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