The best online PMP courses make sure to emphasize the importance of project estimation. In order to set the schedule, it’s imperative that the objectives of each portion of the project is estimated to fall in line. Each project has a select set of expectations and those are based partly on the deadline of the project as a whole. In order to keep the scope of work on track, you will need to study this key knowledge area and you should make it a part of your final study plan before sitting for the PMP certificate exam.
Point #1: Making a Work Breakdown Schedule
The Work Breakdown Schedule (WBS) provides your project estimation with the accuracy needed to show the details of the work. It defines not only the objectives of the project, but all of the work necessary to complete the project.
By taking the time to carefully construct the WBS, you can more accurately define the use of your resources, whether equipment or personnel, and avoid cost overruns, project creep, and time delays.
Point #2: Assigning Estimating Tasks
The team member that is assigned the task or activity should be the one estimating the schedule. This person is generally a part of the project management team and is in control of that particular portion. The leader of the team may not be the most experienced member of that particular team, but they are the person assigned. It’s up to them to determine the amount of time and resources their particular portion will require.
Point #3: Historical Data
In order to provide an accurate estimation for the project, you must take into account historical data from past projects that are similar. Whether it’s a project you worked on, or another project within the company, all of the key activities will have been noted. The challenges as well as the accomplishments will provide you with additional information when assigning resources and producing the schedule to affect the best outcome.
Once the schedule is set, the only changes that should be made are through change requests. By setting a schedule baseline you can provide the planned start date and the planned completion date of the project as a whole, as well as for each individual section of the project. The initial dates will provide you with the roadmap and milestones that keep the project on track. They will allow you to retain a measurement of any variations in the schedule that may arise so that any adaptations can be made to keep within the schedule.
Point #5: Addressing Changes
If problems within the schedule arise once the project has been initiated, there may be a difference between what was planned and what can be accomplished. If this occurs and there is an ultimate deviation from the schedule, being able to accurately and correctly adjust the schedule to get back on track is essential.
Point #6: Recalculating the ETC
The estimate to complete, or ETC provides the total for each of the activities within the project as it moves forward. As the project manager, it allows you to know what stage you are within your budget and work up any preventive actions to keep your schedule. The ETC will show you the deviations that may have occurred so that you can get back on the correct course.
Point #7: Breaking It Down
By breaking down the project into the individual activities, it allows you to come up with a more accurate project estimation. Once you’ve broken it down, you can assign the leads that will be in charge of those activities and they can provide their estimations. Different activities may require different techniques, but on the whole, by knowing the estimates and the schedule for each one in the beginning you can improve your overall estimate accuracy.
Point #8: Meeting Expectations
As the project manager, you agree to complete the project within the estimates provided to the company, the client, and the stakeholders. It is an essential part of a Project Management Professional to come in on time, and on budget with each project they take on. Assembling the team to do that is a key to making sure that the quality of work doesn’t suffer with over or under estimating the overall cost from the beginning.
Point #9: Risk Assessment
All endeavors have risks. The important thing with project management is to assess those risks and work them into the project estimate. By assessing and minimizing the risks from the initiation of the project, you will be able to keep the project on budget and on time.
Overall, project estimation makes your job as a project manager easier. It allows you to take a more detailed look at the project before it starts. It allows you to determine the where, when, and how much of your resources. And it makes you the star when it all works out as planned.
Understanding the information in this article is an essential part of project management and a vital part of the PMP exam. Improve your project management skills or prepare for the PMP Certification exam by taking a quality online PMP exam prep course.