The Estimating Problem1. How many different estimating techniques were discussed in this case?From the case study there are 2 cases being discussed as per the estimating techniques. as per my understa

The Estimating Problem

1. How many different estimating techniques were discussed in this case?

From the case study there are 2 cases being discussed as per the estimating techniques. as per my understanding 1 is the 3 point estimating where is this method is utilized to analyze the method of understanding implanted inside a guage. in this strategy. three evaluations are produced for the venture actually utilizing 3 unique arrangements. second is the analogous  estimation technique comparing to the estimation the system which utilize the estimations of parameters form the available information. the fallowing parameters are taken into consideration that is the scope, cost and term in this kind of estimation.

Some of the more common techniques for estimating project activities and their strengths and weaknesses. The techniques will include Analogous, Parametric Modeling, 3 Point Estimate, Expert Judgment, Published Data Estimates, Vendor Bid Analysis ,Reserve Analysis, Bottom Up Analysis, and Simulation. A discussion of estimating the cost of completing a project that is underway is addressed in the page on Earned Value Analysis. Finally, I will discuss how to estimate a project when the key boundary condition is the End Date or the Total Cost of the project and the effort is tailored to fit this constraint. 

2. If each estimate is different, how does a project manager decide that one estimate is better than another?

Accurate estimation  is a challenging task for every project manager in the scheduled activity of every project. The best basis for accurate estimates is to obtain the aggregate data   from the company’s previous projects. The next best basis for accurate estimation the manager would be following is too estimate the project stakeholders and team members who are experienced with similar projects  to do the estimates. The project `uses their knowledge and experience and employs techniques like three-point estimating to produce accurate estimate data. Project manager decide which estimate is better than other based on estimating  a stetting schedules, establishing budgets, managing resources and running a thriving team and business. based on which estimate can provide these more precisely can be identified as better estimate.

3 . If you were the project manager, which estimate would you use? 

As a project manager i  would be preferring to use the bottom up estimation as it has the estimation used when there is huge insight about the movement. A point-by-point evaluation of the assets, abilities, and sums are used to decide an cost evaluate. As this is  the most precise strategy that is being used. If I am a project manager I would choose analogy estimate. Analogy estimate is carried out based on data on the project. It has the potential to substantially increase the organization’s project success rate from raising incrementally. it is much better than using pretend numbers that are politically attractive at the beginning of the project but disastrous at the end.

Project Estimation should consider validation of project performance as measured against the plan for purposes of evaluating estimate accuracy and ensuring proper methodology is utilized. Metrics based on comparison of project estimates and corresponding actuals should also be utilized when making decisions regarding estimates of remaining or future work.

References

Kerzner, H. (2013). Project management: A systems approach to planning, scheduling, and controlling. Hoboken, NJ: John Wiley & Sons.

George, pitagorsky. (2017). Failed projects: who is responsible?. Retrieved from https://www.projecttimes.com/george-pitagorsky/failed-projects-who-is-responsible.html