Effective Strategies to Improve Project Estimation Accuracy
School
University of the People**We aren't endorsed by this school
Course
BUS 5611
Subject
Management
Date
Dec 12, 2024
Pages
2
Uploaded by MajorHarePerson1218
Based on what | read and what | have experienced, underestimating a project timeline is much worse than overestimating. One reason for this is the negative impact it has on the client’s or company’s timing for all other aspects of the job. Another difficulty is the increased cost in labor expenditures. As soon as a project goes longer than anticipated, the labor costs will increase. The third major issue with underestimating a project is a lack of trust from others in the project manager’s ability to correctly estimate future projects. This will negatively impact the project manager’s performance evaluation and future in the role (McKain, 2017). Combatting Estimation Issues While estimating issues can derail a project, there are some strategies that could be used to help solve these problems. The first step is to raise one’s awareness by researching similar projects to help determine how much time was needed and spend time reflecting on past project failures to determine where the issues arose. This will help raise confidence in properly estimating a project. The second strategy is learning how to organize a large project into smaller chunks. This will allow each task to feel more manageable. The third strategy is focus on potential obstacles that could slow down the project. By doing this, the project can plan for the worst and be pleasantly surprised if everything works out. The final strategy that could be utilized is setting realistic goals that are attainable. This allows the project to move at a steady pace and keep the team thinking positively about the project instead of only seeing failures from missing on lofty goals (Rampton, 2024). Proposed Approaches The author suggested a multitude of strategies to help mitigate estimation inaccuracies. Upon reviewing the list, | believe the author mentions a valuable strategy that could help solve this issue. The strategy of comparing estimates with multiple people to determine if the estimate is reasonable. Often in project management, there is a tendency to be on an island where one can feel solely responsible for all aspects of the project. By comparing with other to determine if the estimate is reasonable, one can ensure their thinking is valid and on par with others in the field. The other benefit could occur if the estimate doesn’t match others in the field. This allows the project manager to learn where they went wrong and grow into a better project manager for future projects (Griffin, 2015). While the author made a lot of valid points, there was one strategy that | feel is ineffective in mitigating estimation issues. The strategy that | feel is more ineffective is the strategy of only utilizing days and weeks to report estimation. While | understand where the author is coming from to not limit oneself to mere hours or overextend it, | feel this strategy doesn’t actually address the root of the problem. If a project manager underestimates a project and says it will take two weeks but it actually takes three weeks, there is still an issue. This strategy doesn’t actually address the reasons why the person is over or underestimating the project (Griffin, 2015). Conclusion Project timing is a unique balance of knowledge and intuition that every project manager must calculate. Proper estimation allows for a project to properly determine the amount of resources needed and what profits could be earned. Taking the time to address the past experiences and developing strategies to mitigate issues will allow estimations to be the most accurate they can be and help keep projects on a timely schedule. Word Count: 594 References Griffin, M. (2015, June 18). The art of creating accurate estimates. A List Apart. http://alistapart.com/column/creating-accurate-estimates McKain, J. (2017, April 17). Underestimating Project Duration. Progressive Materials. https://pmsilicone.com/underestimating-project-duration/
Rampton, J. (2024, February 6). The Planning Fallacy: Why We Underestimate Time and Overestimate Our Abilities. Calendar. https://www.calendar.com/blog/the-planning-fallacy-why-we-underestimate-time-and- overestimate-our-abilities/