Project Management

3-Point Estimating

3-Points is a technique that involves people that are professional in the task we are estimating by this technique. ... The second estimate is the pessimistic (P) estimate which is the amount of work the task might take if the negative factors they identified do occur.

Activity Cost Estimates

A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. In cost engineering, cost estimation is a basic activity.

Analogous Estimating

Analogous estimating uses an "analogy" - comparing a past similar project to your current project. Parametric is more accurate, specifically when the underlying data is scalable. Parametric uses a relationship between variables (a unit cost/duration and the number of units) to develop the estimate.

Basis Of Estimates

Basis of Estimate a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.

Bottom-Up Estimating

Bottom-up estimating is a project management technique in which the people who are going to do the work take part in the estimating process. Typically those people are the project team members. They work with you, the project manager, to develop estimates at the task level in the work breakdown structure (WBS).

Cost Management Plan

Cost management is the process of planning and controlling the budget of a business. Cost management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.

Expert Judgment

Expert Judgment is a term that refers a specifically to a technique in which judgment is made based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area, or product area, a particular discipline, an industry, etc.

Human Resource Plan

Human resource planning is a process that identifies current and future human resources needs for an organization to achieve its goals. Human resource planning should serve as a link between human resource management and the overall strategic plan of an organization.

Parametric Estimating

Parametric estimating, a more accurate technique for estimating cost and duration, uses the relationship between variables to calculate the cost or duration. Essentially, a parametric estimate is determined by identifying the unit cost or duration and the number of units required for the project or activity.

Scope Baseline

Scope baseline is a part of the project management plan and acts as the reference point through the project life. It has several components.

Project Schedule

The project schedule is the tool that communicates what work needs to be performed, which resources of the organization will perform the work and the timeframes in which that work needs to be performed. The project schedule should reflect all of the work associated with delivering the project on time.