Estimating Activity Resources
Estimating activity resources means determining what resources are required (materials, people, equipment, etc.) and in what quantities for each activity. This process is crucial as resources often have cost implications (ownership cost, rental or usage fee, etc.) and availability constraints. Techniques like expert judgement, analogous estimating, parametric estimating, etc. are often used to estimate activity resources. Making realistic estimates helps in achieving project objectives such as cost, time, and quality.
Guide on Estimating Activity Resources in Project Time Management
Estimating Activity Resources is a crucial component of Project Time Management. This concept signifies estimating the type and quantities of materials, human resources, equipment, and supplies necessary to carry out each activity within a project.
Importance: Project resources estimating is essential as it plays a crucial role in determining project timeframes, schedules, and budgets. A precise estimation ensures that projects are executed within planned timelines and budgets, maximizing efficiency and productivity.
How it works: It starts with analyzing the nature of the activity, then determining what resources are required, the quantity of these resources and finally, estimating the duration that each resource will be utilized. These estimations are generally based on past experience, industry benchmarks, and the use of estimation tools and techniques.
Exam tips: When answering questions on this topic during an exam, remember to: Understand resource estimating techniques such as Analogous Estimating, Bottom-Up Estimating, and Parametric Estimating. Always refer to historical data from similar past projects for accuracy. Don’t forget to incorporate contingencies in your estimation for unanticipated circumstances. Finally, explain your approach and assumptions while answering the exam question.
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