Rebel’s Guide to PM

MARCH 10, 2022

In this article, I’ll explain what Estimate at Completion is for project managers, how to use it (because there are 4 different ways) and give you examples. Estimate at completion (EAC) in project management tells you how much the project will cost when the work is finished. What is the formula for estimate at completion?

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ProjectManager.com

AUGUST 21, 2019

Good cost estimation is essential for keeping a project under budget. Many costs can appear over the life cycle of a project, and an accurate estimation method can be the difference between a successful plan and a failed one. Estimation, however, is easier said than done. An Overview of Cost Estimation.

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ProjectManager.com

JUNE 15, 2022

Software development estimation is an essential part of many projects. Despite its importance, software development estimation is often overlooked. Maybe that’s because it’s difficult to estimate properly. Let’s explore how software development estimation works and its techniques and tools. Learn more.

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Project Risk Coach

DECEMBER 11, 2022

And this can be particularly difficult when estimating the cost and the timeline of complex, volatile projects. In this article, I will share what you need to know about Monte Carlo risk analysis , how it works, and an overview of when it should be used. What is Monte Carlo Analysis? That's like Monte Carlo Risk Analysis!

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The IIL Blog

NOVEMBER 6, 2024

By Ko Ito November 6, 2024 In this article, I would like to consider what a good estimate is using the following three scenarios as examples. A task that could previously have been done in 3 days is estimated to take 5 days, and is completed in 5 days. Which do you think is the best estimate? It’s quite simple.

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ProjectManager.com

OCTOBER 15, 2020

You can then use that data to evaluate your decisions with a process called cost benefit analysis (CBA). An intelligent use of cost benefit analysis will help you minimize risks and maximize gains both for your project and your organization. What Is Cost Benefit Analysis? The Purpose of Cost Benefit Analysis.

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Rebel’s Guide to PM

MARCH 14, 2021

What is a ROM estimate used for? A rough order of magnitude estimate is used to give you a very high level view of potential project costs. Ideally, you’d be able to provide a definitive estimate, carefully created from loads of input from subject matter experts and plenty of research on past projects and their budgets.

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ProjectManager.com

SEPTEMBER 26, 2019

The best a project manager can do is develop an accurate time estimate for how long it will take to satisfactorily complete the project. Time Estimation Matters. Looking into the future to determine how much time it will take complete project tasks allows for an estimation. Analysis of this data is informative.

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Project Risk Coach

JUNE 22, 2020

Poor estimates are often a major factor in these projects. So, let's look at 7 ways to improve project estimates. Define the project work One of the top reasons for poor estimates is poor project definition. Ask the experts to estimate the work It's a mistake for project managers to estimate the work.

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nTask

JUNE 8, 2021

Estimating projects is part and parcel of project management for any project. However, estimating projects with accuracy is not always so successful. In fact, many of the issues in project management can be traced back to failed attempts at estimating projects. Why Does Estimating Projects so Often go Wrong? Your project.

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Leading Answers

AUGUST 25, 2020

Project managers generally like plans and estimates so we can forecast when things should be done and how much they may cost. " So, when project managers hear about ideas such as "let's stop estimating," it can trigger a knee-jerk reaction. It sounds lazy and avoiding the hard work of having to estimate.

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ProjectManager.com

OCTOBER 16, 2024

Workload Analysis Template Managing a team’s workload is crucial for many reasons. To avoid those pitfalls, use this free workload analysis template for Excel. Workload analysis is used to avoid overallocation and underutilization, which can negatively impact the project schedule, budget, quality and more.

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Velociteach

FEBRUARY 19, 2024

We are taking a fresh look at project estimation. Topics include the estimation obstacles project managers commonly face, key factors essential for accurate projections, the impact of organizational culture, implementing cost management strategies, and navigating the risks of underestimating or overestimating project estimates.

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ProjectManager.com

OCTOBER 29, 2024

Project cost management software is a tool designed to help project managers and teams plan, estimate, budget and control costs throughout the project life cycle. Cost management is a cornerstone of project management and touches on resource management, cost control, cost estimating and much more.

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Planio

FEBRUARY 12, 2024

Fully understanding customer demand, the broader market, and the competitor landscape is vital to ensure you don’t fail - and that’s where a competitive analysis can help. Jump to a section: What is a competitive analysis? Download our free competitive analysis template and get a headstart on creating your own analysis today.

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WorkOtter

FEBRUARY 28, 2023

Resource estimation is an integral part of project management that often gets overlooked. Here’s your guide to resource estimation in project management and other factors, such as resource costs. What Is Resource Estimation in Project Management? Do we have staff members who know how to estimate resources for a project?

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LiquidPlanner

APRIL 16, 2022

Project estimation is hard. Faulty estimates mean missing deadlines and breaking budgets—two of the main symptoms of project failure. Being a skilled estimator is a crucial part of setting schedules, establishing budgets, managing resources and running a thriving team and business. Comparative or analogous estimation.

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ProjectManager.com

AUGUST 6, 2024

Archiving timesheets gives managers historical data on labor costs that can help better estimate time and costs for future projects. Workload Analysis Template Workload analysis is used when managing a workforce. Critical Path Template Critical path analysis is used when planning and scheduling projects.

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Project Risk Coach

MARCH 26, 2016

If a project is estimated at 120 days, the project manager may add a 10% pad, an additional 12 days. The project manager estimates the project duration to be 132 days. It provides reserves, but let’s look at a better way to estimate reserves. The team estimated the project will require 188 days.

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nTask

MAY 5, 2021

Enter cost benefit analysis. Cost benefit analysis allows you to choose the options that minimize risk while giving you the greatest potential benefit in the see of options in front of you. Using the benefit cost analysis tool allows you to minimize risks and maximize gains giving your project the best chance at being a success.

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Project Risk Coach

MARCH 18, 2016

How can we better your quantitative risk analysis? What is Quantitative Risk Analysis? The Importance of Quantitative Risk Analysis. While qualitative analysis takes less time, it is subjective. Quantitative analysis requires more time and effort but it provides more detailed information. Click To Tweet.

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Project Risk Coach

JANUARY 9, 2024

Enter Decision Tree Analysis, a robust tool that, quite literally, helps you see the forest for the trees. How to Perform Decision Tree Analysis Here's a step-by-step guide on how to perform decision tree analysis for quantitative risk analysis. Next, define what you are trying to achieve with this decision (e.g.,

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ProjectManager.com

MAY 9, 2024

We’ll define project variance below as well as what a budget variance analysis is. Learn more What Is Budget Variance Analysis? Project managers use budget variance analysis when managing projects. Budget variance analysis simply compares the actual costs of a project against what the project has been budgeted for.

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Project Risk Coach

FEBRUARY 12, 2018

If a project is estimated at 120 days, the project manager may add a 10% pad, an additional 12 days. The project manager estimates the project duration to be 132 days. It provides reserves, but let’s look at a better way to estimate reserves. The team estimated the project will require 188 days.

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Rebel’s Guide to PM

SEPTEMBER 8, 2021

The four types of project management methods are: Data gathering and analysis methods Estimating methods Meetings and events Other (because it’s always worth having a bucket category for anything else, right?). Data gathering and analysis methods. Earned value analysis. SWOT analysis. Root cause analysis.

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ProjectManager.com

OCTOBER 5, 2023

Through this analysis, companies can make more accurate and informed projections to help them minimize their costs and identify areas where they’re overspending. Estimate Costs Now that you’ve listed the resource requirements, you’ll want to estimate how much each of those will cost. Estimating can be daunting.

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Project Pulse Journal

OCTOBER 7, 2023

Enter the realm of quantitative risk analysis. A methodology that not only supports the identification of risks but quantifies them, thereby supporting a quantitative risk analysis process allowing for strategic decision-making. Every decision brings along its own set of uncertainties and complicated risks. This isn't just any method.

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ProjectManager.com

OCTOBER 23, 2024

There is then a column for the start and end dates and another that estimates the task duration. Tasks are shown as a task bar that is as long as the estimated duration, from the start date to the end date. Estimate Task Duration and Set Due Dates The next set is to estimate the duration of each task.

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Software Review Estimate Software Construction 315

ProjectManager.com

OCTOBER 14, 2024

Some methodologies include balanced scorecard (BSC) , Six Sigma, total quality management (TQM), Kaizen, agile, business process reengineering (BPR), root cause analysis (RCA), value stream mapping (VSM), value chain analysis, and theory of constraints (TOC), to name a few. Apply impact and risk analysis.

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ProjectManager.com

OCTOBER 24, 2024

Budgeting and Cost Tracking: Construction management software for small contractors needs to create detailed budget estimates based on project requirements, labor, materials and overhead costs. Resources can be allocated for specific tasks with associated costs to better estimate total project expenses based on resource needs.

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Online PM Courses

DECEMBER 14, 2022

Often, most important measure in Earned Value Management (EVM) is the Estimate at Completion (EAC). So, what is the Estimate at Completion? The post What is Estimate at Completion – EAC? Video appeared first on OnlinePMCourses.

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Teamweek

OCTOBER 26, 2023

When it comes to successful project estimating and planning, there’s no room for guesswork. Bottom-up estimating can help you create accurate estimates that set your projects on the right track to success. This comprehensive guide provides all the info you need to get started with bottom-up estimating.

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ProjectManager.com

AUGUST 27, 2024

Use these free 15 business report templates to create a project dashboard, progress report and workload analysis to make a strategy map, cost-benefit and balanced scorecard. SWOT Analysis Template SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis template is divided into four parts.

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MPUG

OCTOBER 24, 2022

Many ‘Request for Proposal’ (RFP) documents require that a Schedule Risk Analysis (SRA) must be performed on the submission. Uncertainty Management involves quantifying the impact that a lack of precise knowledge will have on the time estimates of future tasks. Happy Wife, Happy Life… (Estimate Uncertainty). Introduction.

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ProjectManager.com

AUGUST 23, 2024

Conduct a Gap Analysis Gap analysis is the method of assessing how a plan differed from the actual application, and is always a powerful tool to see what benchmarks you met, and which you didn’t. This cost-benefit analysis can determine if the project’s benefits outweigh its costs. Download Word File 5.

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MPUG

APRIL 2, 2020

can become an accurate estimating tool for top-down (Analogous) and bottom-up (Parametric) estimating. Unfortunately, the large majority of project managers estimate tasks with durations and update tasks by entering %-complete as reported by team members. Using a Schedule Template for Estimating. Definitions.

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ProjectManager.com

APRIL 16, 2024

Once you create this Excel project timeline, you can use this template to estimate future project timelines using project tasks and due dates. Resource Plan Template Creating a timeline for a project or business requires estimating the time it will take to complete tasks and achieve objectives.

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