Question

In a development organization that has the quality records of the software projects it has developed over the past 20 years, what is/are methods that should be considered first to estimate activity effort and duration. Explain why the methods(s) should be considered first.

Answer 1

There are many project management teams, where it's a complex task to analyze or predict how long it takes to complete a project. Missing the deadlines and breaking budgets leads to faulty estimates in large and complex projects. Upon the point of delivery, project teams utilize a refined estimation to predict the future.

It's not a simple task to estimate the project duration. Hence, Project Manager’s should consider knowing some theory along with the application of some approved procedures and strategies. For project managers understanding the essential aspect of project management is to study how various tasks can be performed at the beginning of a project and estimating activity durations is one of them.

Estimate Activity Durations is the technique towards evaluating the number of work periods required to finish individual activities with estimated resources. The key advantage of this procedure is that it projects the amount of time that every task will take to complete, which is a significant input to Develop Schedule process. Subsequently, as activity resources are determined, the resources estimate the activity durations for project completion timelines.

Estimate activity durations being a lengthy process, project managers should involve the entire project team in estimating the durations of the project. Estimate Activity Durations helps to achieve the project objectives on the set dates and delivery schedules as decided by the project management team and key stakeholders. Depending on this durations, you can develop a plan to set milestones for your project.

Utilizing the right software for the project would be of great help, but being aware of the methods and learning how to implement those methods is how one becomes a great estimator.

Here are some methods that should be considered to estimate activity effort and duration In a development organization : -

• Expert Judgment: It is the most commonly used method to get an estimate; it’s essential for the project management team to include experts with the best hands-on experience in understanding on how to utilize the project requirements. It is also crucial to ensure that everyone shares a mutual knowledge of what needs to be delivered. Also, look for experts who will be working on the project.

• Analogous Estimation: It is a method that helps a project management team to refer to similar and existing projects that can be helpful to evaluate the activity durations of the current project. Analogous estimation method can help a project manager to estimate the durations for the completion of the project. Ensure that the previous projects that are similar to the current task are a success. The fastest technique to calculate the estimate, an analogous method of estimating can be used when limited information about the project is available.

• Three Point Estimates: Under the three-point estimates procedures, the PERT (Program Evaluation and Review Technique) is the most broadly utilized statistical tool to decide the time duration of a project. In Project Management, PERT technique is the best way to determine estimate activity durations of a Project. It uses three-time estimates to determine a rough period of the estimate activity durations.

• PERT Method is an instance that might analyze statistically to evaluate the ERP project implementation to check the duration of the project. However, this method may not give a precise prediction. This technique utilizes the knowledge and experience of an expert to present an important date when a couple of data don't permit to carry particular analysis. The ability to verify the assessed project duration period in term of its probability to meet organized value justifies the generally utilizing PERT technique by project managers. The strategy is extremely straightforward and can be valuable for complex projects. Its imperfection, lamentably, is that any precision of the strategy's parameters expectation will rely upon the accuracy of thoughts taken to concerning single individual tasks run-time assumptions.

• Parametric Estimating: Similar to the analogous estimation method parametric estimation employs historical information and various parameters to analyze the estimated duration of a project. Parametric estimation also utilizes actual connections between recorded data and variables. It is more precise than the analogous technique.

• Alternative Analysis allows you to take a glimpse at different approaches to allot resources by changing the number of resources and decide on the best one.

• Published Estimating Data A technique utilized to estimate activity resources. This technique includes articles, books, journals and periodicals from different businesses that have demonstrated information on similar projects. Using the Published Estimating Data, Project Managers can make a rough estimation of what number of assets they require for the project.

• Vendor Bid Analysis: The project team uses this strategy when they are assigned to work on a project along with external vendors or contractors to complete the project activities. This strategy assists project managers to analyze what the project cost should be based on the offers from vendors and estimate the value of deliverables.