Project Estimating Techniques

What is Project Estimating Techniques about?

Estimating accurately can be a difficult process but is one of the most critical components of a successful project. The classic challenge for all project managers is to complete their projects on time and within budget, yet projects in every industry often exceed their original projections.

Project schedule slippage and cost overruns are almost always linked to a poor original estimate of duration and cost. Therefore it is critical for project managers and personnel to acquire the skills to estimate realistic budgets and stay within planned project scope. The experienced project manager must do the upfront work to assess the financial viability of their projects and identify potential risks that may create obstacles during implementation. Proper estimation is one of the key skills that will make this possible.

What are the benefits?

This course will provide the opportunity to gain an understanding in many areas of estimating, including:

• Analyse and understand the different estimating methods, allowing you to make sound decisions on which type or combination of types will be used for individual project tasks to entire portfolios.
• Estimate tasks using activity-based costing, and aggregate to project budgets
• Aggregate individual costs to form a project budget
• Quantify risk to justify contingency funding and produce a defensible baseline