Understanding Different Estimating Techniques: Which One Suits Your Project?
An essential element when it comes to the success of the management of the project is cost and time. The right estimating technique will determine the difference between having a successful project and a less-than-perfect project one that is characterised by excessive costs or time consumption. Investigations have revealed that about half of the projects do not attain their costs or schedule estimates because of ineffective estimating. This statistic gives prime focus on which estimating tools and techniques to use if implemented at the start. Well, how would you decide which method can be utilised in your particular kind of project? That will depend on a myriad of factors such as the type of project, it’s complexity, and how many units of data there are available. In this article you will learn the various methods of estimating and receive recommendations on when to apply which to ensure proper planning. On the heels of that, let’s take a closer look at this important aspect of proje...