Evaluating the Estimates

The end result of estimating activities provides three things:

• Activity duration estimates Activity duration estimates reflect how long each work package will take to complete. Duration estimates should include an acknowledgement of the range of variance. For example, an activity whose duration is expected to be one week may have a range of variance of one week plus or minus three days. This means that the work can take up to eight days or as little as two days, assuming a week is five days.

• Basis of estimates Any assumptions made during the activity estimating process should be identified. In addition, any historical information, subject matter experts, or commercial estimating databases that were used should also be documented for future reference.

• Activity list updates During the estimating process, there may be discoveries of missing activities within the activity list. The project manager should confirm that the new work packages are reflected in the activity list for the project.

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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