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
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.
CAPM - Estimating Activity Resources Example Questions
Test your knowledge of Estimating Activity Resources
Question 1
As a project manager, you identify the need for a specialized consultant for a key project task. The consultant is currently available only at a significantly higher rate than budgeted. What should be your next step?
Question 2
You are managing a construction project when you realize the need for an additional electrician due to the complexity of the wiring requirements. Your current team does not have this level of expertise. What is the most appropriate step to take?
Question 3
You are the project manager of a team developing a new software. While discussing the project with the team, you realize that the complexity of a task has been underestimated and requires more resources. What is your next course of action?