Project Management by Stephen Hartley

Author:Stephen Hartley
Language: eng
Format: epub
Publisher: Allen & Unwin
Published: 2018-01-02T16:00:00+00:00

Figure 6.1 The three-point estimation method

Figure 6.2 The bell curve and standard deviation

Regardless of the estimation technique used, it is important to remember that estimation is not an exact science (despite what some senior management and clients might expect). Given the constant influence that uncertainty and risk have throughout the project, consider the following ‘guidelines’ whenever you are asked to provide an estimate for the activity cost (and similarly with duration):

Table 6.1 Refining the cost estimate accuracy throughout the life-cycle

Concept Plan Execute Close

Estimate $1 $1 $1 $1

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