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Need For Cost Estimation:

Setting targets

Scheduling Resources

Determining Project End Dates

Determining Project Staffing Costs

Managing Client User Expectations

Components of an Estimate

Estimate itself

Measure of Confidence held in Estimate

Key Assumptions of an Estimate

-Anything you know that will affect your estimate:

Learning Curve

Risks

Complexity

-Critical in Explaining and Defending Estimates

-To be understood and signed off

Cost Estimation Techniques:

Ball Park Estimation Techniques

Expert Judgement

Cost by Analogy

Parametric Cost Models

Detailed Estimation Techniques:

Top Down Estimation

Transactional Estimation

Expert Judgements:

Experience in the area

Capability

Reputation

Commitment

The Wide-band Delphi Technique

Group of experts providing induvidual estimates

Cost-by Analogy

Compares projects to past projects

Steps:

Identify features

Examine previous projects

Differences in significant features between similar old project and new project

Quantify differences in terms of modifier

Multiply individual modifiers for overall modifier

Apply to most similar project to determine new project estimate

Advantages:Can be used with small amounts of information

Relatively objective

Can be used for sensitivity risk analysis

Disadvantages:

Depends on individual's assessment

Need info on prev projects

Cannot be used when there are too many dissimilarities

Parametric Cost Estimation:

COCOMO model

Based on relationships linking

System size

1000's of source instructions

Dev effort

Schedule

Top Down Estimation:

Budget set at higher level for entire project

Is decomposed into individual task budgets

Assess individual estimates

Bottom-up Estimation:

Identify major project activities

Determine the effort necessary for the task

Determine duration of task

Sum up overall tasks

Ensure no tasks are missing

Contingency :

Combats uncertainty, risks

is a form of insurance

should be controlled by project manager

emphasis should be on schedule contingency and not effort contingency

Sources of changes:

User

Development team

systems support

operations

management

govt

Types:

New reqt

Desired changes

Critical changes

Mandated changes

Changes in tech env

Change Process:

Change req

Tech assess

Business Assess

Mgmt approval

Develop

Test/install

mgmt review

Tracking:

Process of observing, measuring and analyzing real progress of project

Reporting:

Communicating status to team,mgmt and user

Information that is tracked:

Elapsed time

Effort

Milestones

Tasks start/completed

Costs

Tracking mechanisms

Team review

Project review

Work product review

Team report

Mgmt progress report

Cost tracking chart

Resources plan summary

Project control:

Technical control

Quality Control

Cost control

Change control

People mgmt

Technical Control:

Methods:

Review

Choice of good stds

Use of methodologies

CASE tools

Quality Control:

Elements of Quality Management

Assessment

Control

It is applied early in life cycle

Sufficient testing is applied to project

Fixed work:

Use fixed work when adding resources will reduce the duration

Fixed duration:

Use fixed duration when adding resources will not reduce duration

Updating project work plan:

Actual work: Number of hours spent on each task

Remaining work: Estimate of hours left on task

Reminder:Work=Duration x Units

Project Costs

Change Control Mgmt

Project tracking and reporting