|1. Scheduling Projects and tasks
May 15, 2009
|2. Managing projects and resources
May 22, 2009
|3. Initiating Projects Laying the Foundations for Success
June 5, 2009
|4. Specifying and Estimating Deliverables|
June 19, 2009
|5. Building High-performance Teams to fast track projects
June 26, 2009
|6. Communicating Progress to clients and management
July 3, 2009
|Brian Mullen , MSc, MCP, your workshop leader||UBC Robson Square|
See detailed hour by hour agenda for Estimating effort and cost.
Estimating Effort and Cost is the fifth session presented in the UBC Award of Achievement: Project Management with Microsoft Project.
The biggest challenge a project manager faces is estimating project effort and budget for a project. Before clients commit to a project they want to know how long a project will take and how much the project will cost. Often they want this information within days yet many organizations have no organized methodology for preparing estimates. The accuracy of the estimate depends upon many factors. You need to know the scope of the project. As the project progresses and the scope definition improves you should be able to produce more accurate estimates.
How long a project takes to complete depends upon size of the project, the quality of the project planning, and the performance of the project team. Your deliverables determine the size of your project. Translating scope into realistic estimates requires historical records of previous projects. Projects vary in size so estimating requires a method to extrapolate between projects. The schedule depends upon the work effort and the size of your project team. You can reduce the schedule by increasing the size of the project team.
Your estimate establishes expectations with your client. They plan other business activities based on when the project will be delivered. Underestimating work effort, schedule and budget has significant downstream impact.
The project budget built up from labor, equipment and materials. Labor and equipment costs are the most challenging to estimate.
Labor costs depend upon work effort and cost per unit hour. The work effort depends upon the size of the activities to be completed, the method chosen to complete the work and the performance of the resources performing the work. Higher performance reduces the work required. Performance depends upon the experience of the team, the methods chosen and level of preparation for the task.
Once you know the work effort for a task you can compute the cost with the formula:
Cost = Work * cost rate per hour.
A key step in estimating is to quantify the project size compared to other projects of a similar nature. Accurate project records require creation and update of project plans for these projects. Estimating helped if these projects have a standard work breakdown structure with a detailed specification of the deliverables. As well you need to know how to extrapolate between projects of difference sizes?
Participants will learn to:
|Friday, Oct. 20, 2006||Topic||Estimating Project Effort and Cost agenda|
|9am||Estimate duration, effort and cost||
|9:30am||Estimate software development projects with Function Points||
|10:15 am||Calibrate industry standards for your organization||
|11:45||Measure project size and performance with estimating parameters||
|1 pm||Define resource requirements||
|1:30pm||Determine phasing strategy||
|2 pm||Prepare master schedule||
|2:45 pm||Define estimating framework||
|3pm||Develop estimating rules of thumb for work effort||
|3:30 pm||Manage project to budget||
|3:30 pm||Improve estimating capability||
Click to register for this course
Updated: July 2, 2010.
email Brian Mullen with your questions