Course 152:
Project Estimation

(2 days)

 

Course Description

Estimating a project involves applying time and resources to solve a given problem or achieve a specified objective as stated in the Scope Statement. Precedence diagramming methods, Gantt charts, and other tools are used to determine the most efficient schedule for the successful completion of the project. Resource planning and cost estimation techniques will be covered in this course to apply the appropriate resources and estimate the cost of the project. This course uses A Guide to the Project Management Body of Knowledge (PMBOK® Guide) as a guideline for estimating.

Learning Objectives

At the end of this course, participants will know how to:

  • Establish a solid process for estimating project duration, cost, and resource allocation
  • Base the estimates on a solid foundation of scope definition
  • Explore various manual and automated means of estimating
  • Create the environment to develop a good, accurate estimate

Who Should Attend

Current project managers, those expecting to be project managers, senior management, project leads, program managers, and anyone interested in more accurate and complete project estimation.

Prerequisites

An understanding of the basic concepts and principles of project management.

PMBOK is a registered mark of the Project Management Institute, Inc.

Course Outline

Unit 1: Project Estimation Essentials

  • Determine Scope: What Must Be Done (Exercise)

Unit 2: Time Management

  • Activities
    • Activity Definition – The Details
    • Work Breakdown Structure (Exercise)
    • Activity Sequencing
    • Activity Dependencies (Exercise)
    • Network Diagrams (Discussion)
    • Activity Duration Estimating (Exercise)
    • Schedule Development (Exercise)
  • Schedule Development
    • Impact of Schedule on Estimate
    • Resource Pools (Discussion)
    • Gantt Charts (Exercise)
    • Applying the Calendar
    • Resource Leveling (Discussion)
    • Lags and Leads

Unit 3: Cost Management

  • Resource Planning
    • Levels of Estimates (Discussion)
    • Assigning and Delegating
    • Determining the Resources
    • Scheduling Resources
    • Impacts on Cost
  • Cost Estimating
    • Contract Implications
    • Building Rates Including Indirect Costs
  • Cost Budgeting
    • Tracking Progress Using Earned Value Analysis (Discussion)
    • Applying the Costs Across the Project

Unit 4: Estimating Tools and Techniques

  • Analogous Estimating
  • Bottom-Up Estimating
  • Parametric Modeling
  • PERT Estimating (Exercise)
  • Estimating Tools

Unit 5: Building a Culture of Good Estimating

  • Good Estimating Habits
  • Presenting Estimates
  • Negotiating Estimates
  • Upward Management
  • Maintaining Integrity
  • Maintaining and Increasing the Estimating Accuracy

Unit 6: The Bottom Line

  • Ideas to Use
  • Where to Go for More Information

Please Contact Your ROI Representative to Discuss Course Tailoring!