Creating WBS Estimating and Tracking Standards

The first standard to be established is how project WBSs will be created. Many organizations develop project templates for the most common types of projects developed in the organization, and then specify that project managers work from these templates. The advantage of this is that project managers are not "reinventing the wheel" on each project. In turn, this speeds up planning, and allows better project tracking.

After WBS standards are established, the organization must decide how estimates will be created. Estimates can be determined from expert opinions, weighted averages, statistics from previous projects, or from techniques such as function point analysis. If organizations track their projects accurately and religiously, they can use statistics from previous projects to provide the most accurate estimates. This highlights the need for standards in tracking projects.

Most organizations use some type of automated time-keeping package to track time against projects. Time tracking has three project-related purposes. The most critical is to accurately judge where a current project stands. However, other reasons that are almost as important are the uses of time tracking for project cost accounting, and for data collection — in order to better estimate the next project.

To provide the best database for estimating future projects, these packages should allow tracking against each task in the WBS, reinforcing the desirability of standard WBSs.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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