Project estimation is a complex task. Several parameters need to be considered. The primary focus should be on the project outputs and how is it going to make the process effective. The tangible and intangible benefits for the client should be discussed. Effective tools such as client meetings, brainstorming of ideas, ishikawa diagrams, pareto analysis, affinity diagrams and cost analysis must be considered for deployment while working on the project charter. Brainstorming and affinity diagram in combination make a powerful tool to funnel down the salient points and improve the focus towards achieving the project objectives. Ishikawa diagram, popularly known as fish bone diagram can be used to drill down the potential causes and effects that will influence the project. Pareto analysis can be used to identify the major components for the project.
Effort required for the completion of the project / Resource allocation
Tools that can be used: stakeholder analysis, Pie chart (Project Progress, graphical illustration).
In summary, project estimation is a critical task in project management. The drawback on project estimation is that it is subjective and varies from people to people. Meetings are required to achieve consensus on the desired overall project timeline and module timelines. Several iterations need to be performed to get to the optimal timelines. The deliverables needs to be mentioned clearly and honestly. There is no room for gimmicks in project estimation. It should be realistic, simple and practical with tangible and intangible benefits to the client and other stakeholders.
After all this analysis and conclusions, resource allocation and time management must be considered. Gantt chart is a powerful tool for working out the optimal time for completion of the project.
The primary steps in the project estimation are:
- Scope of the project
- Time constraint / Process velocity
- Effort required for the completion of the project / Resource allocation
- Stakeholder buy-in
Scope of the project
Consider the project like a house construction. Identify the scope of the project. Instead of making it a big meal, proportion them into small portions and create modules for the project. The module should be kept simple and easily workable. Identify the timeline for each module and update the project charter. Keep reviewing the project charter on a periodic basis to ensure the project is on track and is within the timeline proposed by the client. If any amendments are to be made, discuss it with the client team and update the project charter.
Tools that can be used: Project fragmentation, Gantt chart, Scheduling software, Pareto chart (identify the critical components), Pie chart (Module-Time Allocation, graphical illustration).
Time Constraint / Process Velocity
Time is the biggest player in any project. Time Management is a critical task for a project leader. Process velocity implies the optimal time taken to complete the project in a streamlined way.
Simple steps for time management:
- Identify the process steps/stages of the project
- Work out the optimal time for each stage and improve the process velocity
Tools that can be used: Brainstorming, Project fragmentation, Gantt chart, Scheduling software.
Resource allocation is a critical part of the project. Resources should be trained and competent with right attitude and commitment towards achieving the project targets and objectives. It accounts for the major portion of the project expenditure. Keeping the resources optimal as required rather than overloaded or under-utilized keeps the project momentum up to speed.
Tools that can be used: Gantt chart, Scheduling software, Cost analysis
Stakeholder buy-in
Above all, buy-in from the stakeholder decides the success of a project. To achieve buy-in from the stakeholders, following activities must be considered:
- Periodic meeting with the client and influenced parties (stakeholders) on the project developments, deliverables and progress. It must also address the financial benefits and functional improvements.
- Email updates to client and joint reviews on project charter
- One to one meeting with critical stakeholders
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