Essay 4:
Proper project estimation can have a major impact on the success of a project. Select two project estimation techniques identified in the text and compare and contrast them. Describe them in detail and identify what types of projects for which they are applicable. Discuss examples for their use.
Project estimation can be done in following ways:
1. Delphi technique.
2. Functional point method.
3. Work breakdown structure.
4. Three point estimation.
We will be considering Work breakdown structure (WBS) and three point estimate methods used for project estimation.
Work breakdown structure method work to list down all activities taking place in a project. time and resources are attached with each activity. task scheduling is done and based on schedule, detailed cost estimation is derived. Benefit of this method is that any critical task is identified in early stage and course of action can be decided beforehand. WBS gives accountability to those involved in project.
Three point estimation method relies more on statistical data. It is based on three points which are
a. Most optimistic estimate- considering all things go right and and everything works out as planned.
b. Most likely estimate- considering few things go right as planned and few things go wrong and become cause for delay.
c. Pessimistic estimate- considering all things going wrong and nothing works as per plan.
WBS can be used to organize an event where multiple factors are involved. Every person is held accountable for the task assigned.
Three point estimation can be used to project with low complexity.
Essay 4: Proper project estimation can have a major impact on the success of a project....
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