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Description
Flashcards by Althea Green, updated more than 1 year ago
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Created by Althea Green
over 9 years ago
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| Question | Answer |
| What is an estimating funnel | Estimates are based on available data & expertise used to analyse it. The more data available the more accurate the estimates. Less data available during early project phases than later stages. Creates an estimating funnel. |
| Draw an estimating funnel | |
| Why re-estimate through the project life cycle? | Maintain stakeholder expectations Assist re-planning of schedule Prepare resources (especially human) Cash flows and budgets remain up to date Risks reflect current state of play |
| Why might estimates be inaccurate? | Subjectivity - estimates rely on individual knowledge & experience which sways judgement. Assumptions - made to initiate progress but can be wrong. Not knowing who will do the work - estimate based on own knowledge & skill but may not be reflecting of person actually doing the work. Risks - potential for problems not fully understood. Lack of previous data - similar projects never conducted. |
| What can the PM do to reduce estimate inaccuracy? | Get to the root of each estimate to reduce bias. Ensure assumptions documented. Do not proceed on unvalidated assumptions. Challenge them to establish facts. Request estimate from person doing the work. Seek different views on an estimate. Ensure all 'contingency' added is declared. Refer to previous project out-turns. |
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