Question

Discuss in details the seven tools and techniques for estimating activity resources process.

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Answer 1

7 UniqueEstimation Tools and Techniques  used across Estimate Activity Resources, Estimate Activity Durations and Estimate Costs processes are:

1. Alternatives analysis: It is a technique where you look at various ways to assign resources by varying the number of resources as well as the kind of resources and then decides upon the best one.
2. Analogous Estimating: It is a technique where you refer to those previous projects which were having, scope or activities, similar to your current project.Then you figure out how much time and/or these activities have taken earlier, during that project, to make estimation for duration and/or cost of similar activities in your project.
3. Bottomup Estimating: Using this technique you estimate resources or costs by breaking down complex activities into smaller pieces and working out resource or cost assignments for these smaller activities using other resource / cost estimating tools and techniques.
4. Expert Judgment: This technique is used in all  estimation processes.Experts, with expertise appropriate to the concerned activity, are asked to estimate the resources and/or duration and/or cost.
5. Parametric Estimating: This estimation, like analogous estimation technique, requires historical information gathered from previous projects.This technique is used for both cost and time estimates calculations.Unlike analogous estimation technique, parametric estimation requires plugging the historical data into a formula, spreadsheet, database, or computer program to come up with an estimate.It is sometime also referred as Quantitative based estimating.E.g When you need to determine what would be the total cost of construction when you have cost per square foot or the units of work multiplied by productivity unit rate to estimate activity duration.Project Management Software Estimation T
6. Published Estimating Data: This technique is used only for estimating activity resources.This published data can include articles, books, journals and periodicals from various industries that have proven data with similar projects.Using the Published Estimating Data Project Managers can make a rough estimation of how many resources they need.
7. Reserve Analysis: Used for estimating activity duration and cost, reserve analysis includes estimation of additional time to the project schedule and additional cost to the project budget.It is more of like analysis for the contingency or adding buffers to the estimations.