Examples Of Estimation Techniques Pmp
Estimation is a vital practice for making the projects successful. Project managers are often challenged with scope, time, cost, quality, resources and risk limitations and here estimation plays a crucial role. Being a professional estimator is an imperative part of setting schedules, creating budgets, controlling resources and running a booming team and business. This course will highlight some of the most common estimation techniques for project management. These techniques are not only viable but also used frequently in multiple projects. They require a particular data and mathematical and statistical processes that will be taught in this course.
Following is an example PERT chart: The Three Chances. There are three estimation times involved in PERT; Optimistic Time Estimate (TOPT), Most Likely Time Estimate (TLIKELY), and Pessimistic Time Estimate (TPESS). In PERT, these three estimate times are derived for each activity. How is estimation done. Costs can be estimated using the methods that are available in the Time Management concept. One-point estimating, analogous estimating, parametric estimating, and three-point (PERT) estimating. Another method of estimation that we will now study is bottom-up estimating technique. BOTTOM-UP ESTIMATION.
Who is the target audience?
- This course is designed for both the current and future Business Analysts and Project Managers
- Professionals who want to enhance their role as project estimators or managers
- Students and professionals who want to have a deep understanding of project estimation steps and techniques that are essential for managing a project.
Requirements
Examples Of Estimation Techniques Pmp Software
- A general idea of Estimation in terms of Scheduling
- Basic Mathematics understanding i.e average and weighted average
Software Cost Estimation Techniques
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Created by: Mudassir Iqbal
Duration: 1h 19m