1)How many different estimating techniques were discussed in the case study?
Project Estimation is one of the biggest responsibility as we need to consider different factors like duration it will take to complete a project, work force, segregating tasks, assigning resources, budget allocation and expected delivery date. Depending on the nature and type of the project. It is kind of hard to fix a proper deadline as many intermediate items pops out when you micro schedule. Wrong or predictive timelines mean missing deadlines and breaking budgets. These are the main reasons for a project failure.In this we have different type of estimations and to name some, optimistic view mainly deals with most likely timelines. Triangular distribution technique is used where each of the technique had an equal likelihood of occurrence.
2)If each estimate is different, how does a project manager decide that one estimate is better than other?
Skilled project estimation is a part of setting schedules, establishing budgets, managing resources and running a thriving team and business. By having the project management software eases the categorization of task and its task owners which in turn reduces the complexity and helps in becoming a great estimator. The estimates should not be based on the best-case scenario and also have to include the buffer for any unexpected complications and diffusing such tasks takes time and effort. Pessimistic approach, helps when dealing with unexpected spike stories in a project.
3) If you are a project manager which estimate you would choose?
Three Point Technique: The three-point estimation technique is used in management and information systems applications for the construction of an approximate probability distribution representing the outcome of future events, based on very limited information.The criticality of the project success is defining the weight of the complexity and deriving successful solutions to them and not run with the easiest possibility. Past experience works great while estimating the new project and the complexities handled define the timelines. So as a project manager, the 3 Point technique must be used as it is a detailed and smarter way to estimate the project cost.
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