6 techniques for accurate project estimation
Chang Hewitt
January 13th,2023 • 4 min read
Summary
Project estimation helps project managers and stakeholders get a sense of how long a project will take, what kind of resources are needed, and what deliverables will be required for project completion. In this article, learn six different strategies for how you can accurately estimate key aspects of your next project.
What is project estimation?
A project estimation is an informed prediction for the time, cost, and resources a project will need from start to finish. Most project estimations use past information to make an educated prediction. For example, this information can include timelines and budgets from similar projects, past project estimation experience, and previous stakeholder requirements.The project management triangle is an important part of the project estimation process. Because of the relationship between these three variables, you can accurately estimate the third variable if you have enough information about the other two variables.
How to accurately estimate a project
The idea is that every project requires a perfect balance of all three variables. If you have to increase one part of the triangle, something else has to change for the project to remain balanced. For example, if the project scope increases, often the cost or the time must increase as well. If a project’s time decreases, either the scope or the cost must increase to balance it out.
Why estimation is important for project management
Estimations are a necessary part of the project planning process. Almost every type of project— from Agile projects to more linear waterfall projects—can benefit from project estimation. Here’s why.One common way project managers keep projects running smoothly is by making sure their teams match estimations as closely as they can. Because they know exactly how much time, budget, and resources they have available for a certain phase of a project, they’re able to help the team stay within those boundaries.
