Chapter 5: Estimating Project Times and Costs

Chapter 5: Estimating Project Times and Costs

1. Top-down Estimates

   • Usually done by senior management

2. Bottom-up Estimates

   • Usually done by the people performing the work

3. Cost, time, and budget estimates are the lifeline for control

4. accuracy of estimates depends on the skills of the people making the estimates

5. nonproject factors can impact time and cost estimates

   • equipment down-time can alter time estimates
   • National holidays, vacations, and legal limits can influence project estimates
   • Project priority can influence resource assignment, impact time and cost

6. Use several people to estimate

7. Apportionment is used when projects closely follow past projects in features and costs

8. task duration should not exceed 5-10 workdays

9. Things go wrong on projects