Complete Guide to Project Time Estimation: PMBOK 7th Edition
Why is it Important:
Project time estimation is a critical aspect of project planning as it defines the time scope within which the project should be executed. An underestimation may lead to rushed activities, poor quality outputs, and unmet project deadlines while an overestimation might result in resource wastage and idle time.
What it is:
Project time estimation is the process of predicting the most realistic duration it will take to complete the project. It factors in the tasks necessary, their sequence, resources required, and potential risks and uncertainties.
How it Works:
The PMBOK Guide 7th Edition offers various techniques of time estimation like Parametric Estimation (using statistical modeling and historical data), Three-point Estimation (using optimistic, pessimistic, and most likely estimates), and Analogous Estimation (using data from similar past projects).
Answering Questions on Project Time Estimation in an Exam:
In exam scenarios, understanding the basic concepts of project time estimation, its techniques, and their application is essential. Decipher the question carefully to understand what's precisely asked and which technique to apply to deliver the most applicable solution.
Exam Tips:
Always consider potential risks and uncertainties while estimating, remember to differentiate between 'effort' (man-hours) and 'duration' (working or calendar days), and learn the formulas associated with the estimation techniques. Practicing through realistic project scenarios will enforce your understanding and speed in applying the concepts during the exam.
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Project Time Estimation practice test
Project Time Estimation refers to the process of determining the approximate amount of time that will be required to complete project activities/tasks. It is an essential part of project planning since it helps in setting realistic deadlines, allocating resources efficiently, and maintaining control over the project timeline. To perform time estimation, project managers use various techniques like the expert judgment, analogous estimation, parametric estimation, and three-point estimation. These techniques consider factors like historical data, team member experiences, and task complexity, to provide a range of possible project durations. Accurate time estimation is critical for effective project management, as it assists in minimizing risks, avoiding scope creeps, and ensuring on-time delivery of project deliverables.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- bonus: If you upgrade now you get upgraded access to all courses