Project estimation is one of the important factor
that is considered in any project. With the correct estimation we can manage
our project with high efficiency and effectively. There are many measurement
things that has to be considered in the project estimation but some of the
important factors are SIZE, TIME, COST and EFFORT estimation.
Project estimation helps to understand the
requirement of resources according to that we can assign the work. Project
estimation helps to give a Quote (Cost of project, Time required to complete
the project) to customer according to their requirements from the project.
Project estimation helps to manage the workflow of the project.
If the project Estimation goes wrong then the whole
project can be delay or the cost of the project may goes high and the profit of
the project may be decreased. The project estimation is all depend upon the
Team that are going to build the project if they have appropriate knowledge and
skills to build a project and utilization of resources are done in proper way.
Size of project:-
Project Size estimation is important because
according to size we are going to provide HR, Utilities, Software, Hardware, Testers,
Supports. If the project size is big then we can divide the project in some
parts (WBS) and work can be allocated to team that helps to properly estimate
the project. If the size is small then estimation can be easily done. If the
project size is in middle than we can either break them into parts or we can
directly do the estimation.
Time of project:-
The Time Estimation of the project can easily
calculated by WBS (Work Breakdown Structure). By using WBS we can easily
allocate the time to every function and tasks. We can manage the work done in
estimated time so the project can’t be delay. If any tasks are taking more time
then the provided time then how to recover from them also be calculated so
project are deliver at correct time.
Cost of Project:-
2.1 Handheld devices
3.1 Licensed software
3.2 Software development
5 Training and support
6 Human Resource Cost
7 Risk management
The Cost of any project can be estimated easily by
using many techniques we can use the above format to estimate the cost of the
project. In the above format we can get all the information of the cost easily
and know how much the project will be cost us. With our profit are included in
the cost estimation.
Estimation of project:-
Efforts are estimated according to the work has to
be done in the project. It is depend upon the size of the project. Efforts help
to calculate the cost of the project. More the efforts higher the efficiency of
utilization of resources. Higher the efforts then quality of the project will
There are many techniques are used to calculate the
Estimation of the project. In that one of the important technique is PERT.
PERT are used to coordinate tasks, calculate time,
calculate cost, Efforts and helps to schedule all the tasks. PERT are
MOST OPTIMISTIC ESTIMATE (O)
MOST LIKELY ESTIMATE (M)
PESSIMISTIC ESTIMATE (L)
FORMULA FOR CALCULATING PERT: – E= (O+4*M+L)/6
Project estimation is one of the important factor that is considered in any project
planning. Project estimation has to be correct if the project estimation is not
correct then the project can be go in loss but if we calculate the correct
estimation of the project then it helps to complete project easily. It helps to
give cost estimation to customer.