The Absolute Minimum

At this point, you should have a solid understanding of the following:

• It takes time and money to develop accurate estimates.

• Any estimating technique will improve results if it is used consistently by leveraging lessons from the past.

• To get science in the process, estimates must be compared to actual performance.

• Multiple estimating techniques can be used together. The art is knowing when to use which technique and knowing how much accuracy is required for the business decision at hand.

• Many variables beyond the control of the project team, such as changing specs, team turnover, and failed technology, can invalidate original estimates.

• Project managers should never work independently when making estimates.

• Organizations must make a conscious effort to establish rigor and procedures to estimating to improve accuracy over time.

• All stakeholders are responsible for estimates.

The map in Figure 7.4 summarizes the main points we reviewed in this chapter.

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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