Estimating involves forming approximate notions of amounts, numbers, or positions without actual measurement. Accurate estimates are important for project planning, budgeting, and determining viability. Estimates become more accurate over the project lifecycle as more knowledge is gained. Common types of estimates include order-of-magnitude, budget, and definitive estimates. Top-down, bottom-up, and parametric methods are commonly used estimating approaches. Estimates should involve subject matter experts, use multiple methods, document assumptions, and apply contingency allowances. Regularly reviewing and updating estimates improves accuracy.
In this presentation we have done earlier a project for Phillip Morris (Pakistan) for the access control system and canteen management system. It is the project presentation for our subject Planning and Scheduling. i hope it is the best for the understanding Project planning and scheduling.
Chapter 09 of ICT Project Management based on IOE Engineering syllabus. This chapter mainly focuses on cost and project, cost management, cost estimating and more related to cost and project. Provided by Project Management Sir of KU
The concepts and processes on how to perform project cost management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan cost management, estimate costs, determine budget, and control cost.
In this presentation we have done earlier a project for Phillip Morris (Pakistan) for the access control system and canteen management system. It is the project presentation for our subject Planning and Scheduling. i hope it is the best for the understanding Project planning and scheduling.
Chapter 09 of ICT Project Management based on IOE Engineering syllabus. This chapter mainly focuses on cost and project, cost management, cost estimating and more related to cost and project. Provided by Project Management Sir of KU
The concepts and processes on how to perform project cost management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan cost management, estimate costs, determine budget, and control cost.
03 Construction Project Planning and Schedulingakashpadole
The presentation has prepared as per the syllabus of Mumbai University.
Go through the presentation, if you like it then share it with your friends and classmates.
Thank you :)
In this chapter, you will learn how to:
✔ Use the Backstage view to open and save Project files.
✔ Work with commands on different tabs of the ribbon interface, the major visual
change introduced in Project 2010.
✔ Use different views to see Project information presented in different ways.
This lecture provides a short but comprehensive review of earned value analysis and how this technique helps us to determined the project financial and schedule situation.
A brief introduction on various concepts of Project Cost, covering various types of Project Costs, Processes to be followed for developing project budget, project budget components, contingency and management reserves, earned value management
Project scheduling and resource levelling_Construction Management A Makwana
At the time of preparing the network of any project, usually it is assumed that all resources needed for its execution are available in plenty and no consideration of resource constraints is taken into account.
In such situations the duration of the project may increase escalating the cost of the project.
Resource levelling is a technique in project management that overlooks resource allocation and resolves possible conflict arising from over-allocation. When project managers undertake a project, they need to plan their resources accordingly.
This will benefit the organization without having to face conflicts and not being able to deliver on time. Resource levelling is considered one of the key elements to resource management in the organization.
An organization starts to face problems if resources are not allocated properly i.e., some resource may be over-allocated whilst others will be under-allocated. Both will bring about a financial risk to the organization.
Resource levelling is required when there is a demand for resources more compared to the available supply.
Resource levelling helps an organization to make use of the available resources to the maximum. The idea behind resource levelling is to reduce wastage of resources i.e., to stop over-allocation of resources.
Project manager will identify time that is unused by a resource and will take measures to prevent it or making an advantage out of it.
By resource conflicts, there are numerous disadvantages suffered by the organization, such as:
Delay in certain tasks being completed
Difficulty in assigning a different resource
Unable to change task dependencies
To remove certain tasks
To add more tasks
Overall delays and budget overruns of projects
Chapter 07 of ICt Project Management based on IOE Engineering syllabus. This chapter covers the knowledge on development of project charters, direct and manage project execution, monitor and control project work and more.Provided by Project Management Sir of KU.
The concepts and processes on how to perform project resource management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan resource management, estimate activity resources, acquire team, develop team, manage team, and control resources.
This short presentation is about Project stakeholders. Who are the project stakeholders for a given project? Will briefly discuss the project manager, project management team, project team, sponsor, and other stakeholders.
03 Construction Project Planning and Schedulingakashpadole
The presentation has prepared as per the syllabus of Mumbai University.
Go through the presentation, if you like it then share it with your friends and classmates.
Thank you :)
In this chapter, you will learn how to:
✔ Use the Backstage view to open and save Project files.
✔ Work with commands on different tabs of the ribbon interface, the major visual
change introduced in Project 2010.
✔ Use different views to see Project information presented in different ways.
This lecture provides a short but comprehensive review of earned value analysis and how this technique helps us to determined the project financial and schedule situation.
A brief introduction on various concepts of Project Cost, covering various types of Project Costs, Processes to be followed for developing project budget, project budget components, contingency and management reserves, earned value management
Project scheduling and resource levelling_Construction Management A Makwana
At the time of preparing the network of any project, usually it is assumed that all resources needed for its execution are available in plenty and no consideration of resource constraints is taken into account.
In such situations the duration of the project may increase escalating the cost of the project.
Resource levelling is a technique in project management that overlooks resource allocation and resolves possible conflict arising from over-allocation. When project managers undertake a project, they need to plan their resources accordingly.
This will benefit the organization without having to face conflicts and not being able to deliver on time. Resource levelling is considered one of the key elements to resource management in the organization.
An organization starts to face problems if resources are not allocated properly i.e., some resource may be over-allocated whilst others will be under-allocated. Both will bring about a financial risk to the organization.
Resource levelling is required when there is a demand for resources more compared to the available supply.
Resource levelling helps an organization to make use of the available resources to the maximum. The idea behind resource levelling is to reduce wastage of resources i.e., to stop over-allocation of resources.
Project manager will identify time that is unused by a resource and will take measures to prevent it or making an advantage out of it.
By resource conflicts, there are numerous disadvantages suffered by the organization, such as:
Delay in certain tasks being completed
Difficulty in assigning a different resource
Unable to change task dependencies
To remove certain tasks
To add more tasks
Overall delays and budget overruns of projects
Chapter 07 of ICt Project Management based on IOE Engineering syllabus. This chapter covers the knowledge on development of project charters, direct and manage project execution, monitor and control project work and more.Provided by Project Management Sir of KU.
The concepts and processes on how to perform project resource management according to PMBOK Guide 6th edition. You'll find key concepts and terms, plan resource management, estimate activity resources, acquire team, develop team, manage team, and control resources.
This short presentation is about Project stakeholders. Who are the project stakeholders for a given project? Will briefly discuss the project manager, project management team, project team, sponsor, and other stakeholders.
This white paper covers a new approach to tracking project performance which identifies variance gaps between the baseline plan and actual performance for the project as a whole as well as specific deliverables, contractors, locations, or any other group of activities.
Project Time Estimation 6 Powerful Tips & TricksSHAZEBALIKHAN1
Check out the 6-time estimation methods for project & activity duration. The approaches are used worldwide and are proven to be effective and powerful.
Does Better Scheduling Drive Execution Success?Acumen
This white paper outlines the statistics that support the relationship between better schedules and better execution. Based on an ongoing research study conducted by Acumen, this paper is the hard proof of a need for better planning across all industries.
WHAT IS COST ESTIMATION IN PROJECT MANAGEMENT AND THEIR TYPES?MirzaNuman1
There are different types of Cost estimation in project management. But, Here we have mentioned 4 types of cost estimation in project management that are most commonly used by cost estimators for construction.
- Cost is one of 3 Triple constraints of the project. Managing costs of the project is very crucial and hardest part of the project. It spans across all phases of the project right from conception to closure of the project.
- Cost Management is not just controlling “Costs”; it involves definitive planning and preparing budgets. Collecting cost associated data. Comparing the data to prepared budgets and taking appropriate actions when needed.
- The process involved in estimating, budgeting, and controlling cost so that the project can be completed within approved budget.
- Value analysis (value engineering)
• Looking at less costly way to do the same work within the same scope
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
1. 1
Definition of estimating
‘To form an approximate notion of the
amount, number, magnitude or position
of anything, without actual enumeration
or measurement.’
2. 2
What estimates are made in projects
1. Time estimates are used in scheduling
work, assigning resources and determining
delivery dates.
2. Cost estimates are used for budgeting.
3. Cost and benefit estimates are used in
cost/benefit analysis to determine the
overall viability of a project.
3. 3
Importance of accurate estimates
1. Inaccurate time estimates can result in inefficient
use of resources and late delivery.
2. Inaccurate cost estimates can result in insufficient
budget being allocated, or excess budget being set
aside for the project when it could be used for other
projects.
3. If the cost or benefits estimates are inaccurate this
can lead to incorrect decisions about proceeding
with the project being made.
4. When estimates are required
Project phase Estimates required
Initiation Time, cost and benefit estimates in
project definition.
Planning Time estimates in project schedule.
Cost estimates in project budget.
Cost and benefit estimates in business
case.
Start of project
stages
Time and cost estimates reconfirmed for
the stage.
5. 5
Effort and duration
Effort is the amount of work required to complete a
task – used to estimate cost of resources.
Duration is the time that elapses between the start
and end of the task – used to estimate timeframe.
In estimating it is essential to know whether the
estimate is an effort or duration based estimate.
For example, the estimate for painting a room may be 10 hours
for two people (20 hours effort), over 3 days (duration) allowing for
other tasks and for the drying time of the paint.
7. 7
Types of estimates
1. Order of magnitude: obtained in the initiation
phase of a project for the whole project
2. 2. Budget estimate: an estimate derived during
the planning phase for the whole project
3. Definitive estimate: an estimate derived at the
start of each project stage
Different types of estimates reflect the range of
accuracy expected from the estimate.
Three types of project estimates* are:
8. 8
Estimating methods
1. Top down estimating
2. Bottom up estimating
3. Parametric estimating
Three commonly used methods of estimating are:
9. 9
Top-down method
The top-down method is also known as the analogous method.
It is used to determine order of magnitude estimates in the initiation
phase of the project.
The method uses the actual durations, effort or costs from previous
projects as a basis for estimating the effort or costs for the current
project.
1. Identify a previous project or section of a previous project
that is similar to the current project.
2. Assess the extent to which the current project is similar to
the previous project
3. Compute the estimate for the current project based on the
actual durations, effort or costs from the previous project and
the comparison factor.
10. 10
Bottom-up method
The bottom-up method is considered to be the most accurate method
for generating project estimates.
It is used to determine budget or definitive estimates during the
planning phase and at the start of each project stage.
The method uses the Work Breakdown Structure (WBS) developed
during the planning stage of the project. Estimates are created for all
tasks at the lowest level of the WBS and then these are accumulated
to determine the estimates for the whole project.
The consensus technique* is usually used to obtain task estimates for
the low level tasks on the WBS it also builds active involvement,
cooperation and commitment. Experts with the skills required to
perform the work should be included in the estimating process.
One disadvantage of the bottom-up method is that it is much more
time-consuming than other methods.
11. 11
Parametric method
The parametric method is also known as the object
based method.
It is used to obtain definitive estimates and to confirm
bottom up estimates where possible.
A simple concept is used, namely:
If the amount of effort needed to carry out a particular
activity for a particular object is known, and the number
of objects is known, the effort required to perform the
activity for all the objects can be determined.
The amount of effort for the single activity can be
determined either from a standard, which has been
established from previous experience, or by executing a
sample activity if no standard exists.
12. 12
1. Identify an item to be estimated.
2. Estimate the number of items.
3. Estimate the effort per item.
4. Multiply effort per item by number of items to
determine the total effort.
Parametric method (Cont.)
For example, if the assembly of one library shelving
stack takes an hour and a half and there are 40 stacks
to assemble then the total effort is 60 hours.
Steps in deriving the estimate:
13. 13
Estimating techniques
1. Weighted average estimating
2. Consensus estimating
3. Phase ratios
Three commonly used techniques for obtaining
estimates are:
14. 14
Weighted average estimates
Estimated effort = (O + 4M + P ) / 6
Weighted average estimating is also known as sensitivity
analysis estimating.
With this technique three estimates are obtained for each
item rather than one. This provides a more accurate
estimate than when only one estimate value is provided.
The three estimates are known as the best case (O =
Optimistic), worst case (P = Pessimistic) and most likely
(M = Median).
These are then used in the following formula to determine
the estimated effort:
15. 15
Consensus estimating
A briefing is provided to the estimating team on the project.
Each person is provided with a list of work components to
estimate.
Each person independently estimates O, M and P for each
work component.
The estimates are written up on the whiteboard.
Each person discusses the basis and assumptions for their
estimates.
A revised set of estimates is produced.
Averages for the O, M and P values are calculated.
These averages are then used in the weighted averages
formula to calculate the estimated effort.
Steps in conducting a consensus estimating session:
16. 16
Phase ratios
Project phase ratios provide a means of generating a top-down
order of magnitude duration estimate for a project, or they can be
used as a sense check of bottom-up duration estimates of the time
allocated to each project phase.
Phase ratio estimating uses an estimate for one phase of a project
to derive the likely size of the other phases, and hence an overall
estimate for the project.
For example, if analysis takes 5 weeks, and this represents 10% of
the project, then the project is likely to take 50 weeks.
The concept behind this method is that similar types of projects
would normally spend the same percentage of time in each phase.
Phase ratios are not accurate enough to be used as a budget or
definitive estimates.
17. 17
Phase ratio percentages
Initiation 5%
Planning 20%
Analysis 10%
Design 10%
Construction 20%
Testing 20%
Implementation 10%
Closure 5%
Phase Ratio
The phase ratio technique is based on studies that average the
proportion of time that a large sample of projects has spent on standard
project phases. An initial set of project phase ratios is provided below.
These should be refined based on results from completed projects.
18. 18
Estimating assumptions
An estimate is a qualified guess.
Every estimate is based on assumptions.
An estimate assumption is a statement which has been
considered to be true in deriving the estimate.
These estimate assumptions need to be specified so that
the basis of the estimate is known and validity of the
assumptions can be assessed.
For example, a work effort estimate is usually based on a
level of skill and expertise. If a lower level of skill and
expertise is utilised then it is likely that the task will
require more effort.
19. 19
Applying contingency to estimates
Can be applied to each project stage or to each task. It provides
a buffer to absorb the impact of dealing with unforeseen issues or
complexities in completing the task or stage.
Assess the uncertainty of the estimate and the level of risk.
Assess the length of time between when the estimate is produced
and when the estimated task or stage is likely to be executed.
For example, if there are four sequential stages to a project, then
there is more uncertainty about the last stage than the first and
hence the contingency for the last stage should be greater.
Apply an increase to the estimate as a contingency in line with the
uncertainty, risk and the length of time to execution. Apply the
contingency as a percentage of the estimate, 10% is often used
as an average.
20. 20
Recommended estimating principles
Always obtain at least two estimates.
Involve the people who will be doing the work (or with the skills to do
the work if resources have not yet been allocated) in the estimating
process and the people who require the work done where possible.
Use more than one estimating method.
Each estimate must be independently derived.
Review the estimates and rationalise the differences.
Document assumptions made
Add contingency based on the level of uncertainty and risk.
Get agreement and commitment from the project team for their task
estimates and also from the project sponsor for the overall project
estimate.
Review and refine the estimates as the project proceeds
based on progress.
21. 21
Estimates need to be reviewed to check they are realistic.
Using more than one method of estimating and/or two or
more independent estimators to produce estimates, then
comparing these provides a very effective verification of
the estimates.
For example, phase ratios is a useful technique for
checking estimates derived by other means.
As tasks progress, regularly obtain updated estimates of
effort, and time to complete the tasks from the resources
performing the tasks. These are called “revised
estimates” and should be used to keep project
schedules continually up to date.
Verification of estimates