Describe the ideal approach for a project manager to develop optimal estimates for a project’s time and cost.
Post your response to the appropriate Blog forum and also Post your reply to a classmate
1. Define Estimate’s Purpose: Determine the aim of the estimate, detail which is required, who receives the estimate and also scope of the estimate.
2. Develop Estimating Plan: Assemble a cost-estimating team, their approach. and determine who will do the independent cost estimate. Finally, create the team’s schedule.
3. Define Characteristics: Create a baseline description of the aim, system and performance characteristics. This includes any technology implications, system configurations, schedules, strategies and relations to existing systems. Don’t forget support, security, risk items, testing and production, deployment and maintenance, and any similar legacy systems.
4. Determine Estimating Approach: choose an estimating method that’s best suited element within the WBS. Cross-check for cost and schedule drivers; then create a checklist.
5. Identify Rule and Assumptions: Clearly define what’s included and excluded from the estimate, and identify specific assumptions.
6. Obtain Data: Create an information collection plan, and analyze data out cost drivers.
replay2: Preparing the initial estimated budget for the project.
Preparing preliminary scheduling of project implementation activities and tasks.
Selection of project team members.
Ensure that all necessary resources and facilities are available to implement the project.
Ensure the arrival of early supplies necessary to implement the project from suppliers, with the evaluation of these suppliers according to certain criteria.
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