Practice standard for project estimating by Project Management Institute

By Project Management Institute

Offers directions for undertaking managers on constructing expenses, assets, and time estimates within the early phases of a undertaking and methods for refining those estimates in the course of every one undertaking stage.

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Prepare to Estimate • Scope Baseline—An approved specific version of the detailed scope statement, work breakdown structure (WBS) and its associated WBS dictionary. • Activity List, Attributes, and Schedule—If the project has an existing activity list and schedule, this should be used in conjunction with the high-level scope as inputs to the Prepare to Estimate stage. Activity lists may also include activity attributes of associated data items, which can be helpful in estimating, such as relationships, predecessors, and resource requirements.

Approved changes are included as outputs from the Perform Integrated Change Control process and are covered in the PMBOK ® Guide—Fourth Edition. 3 Resource Plan As defined in the PMBOK ® Guide—Fourth Edition, the human resource plan provides guidance on how project human resources should be defined, staffed, managed, controlled, and eventually released. Through negotiation and team acquisition, appropriate human resources and associated competencies are assigned to the work activities. When a critical resource skill is required and that skill is not part of the team, or the person with that particular skill leaves the project, a delay in completing tasks for that skill is likely to occur.

Samples of templates used could also be available as outputs from lessons learned activities from previous projects. 6 Project Estimating Approach The project estimating approach, as created during the Prepare to Estimate stage, defines the approach for managing and monitoring the project estimates and forecasts. This, along with the organizational process assets, should outline the plan for managing the estimate. 3 Activities This section covers the activities applied to the initial and revised estimates to properly manage and maintain the estimate through achievement of the project objectives.

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