The three-point estimating concept is originated from the PERT ( Program Evaluation and Review Technique). This kind of estimate is based on considering various options like the assignment of the resources, uncertainty, and the risk associated-such as best scenario-based and worst-scenario based. If your project is of a similar nature to one performed in the past, it is worth your while to find existing activity duration estimates and historical data from the past project. For example, in the design phase in case of a construction project, you may already have the activity duration: cutting 1,000 stones will take 8 hours and so on.
It is based on a statistical calculation of historical data and other variables. You can estimate activity duration for a single phase of the project if the requirement /nature of the phase is very similar to the previous processed project. Analogous estimating can be of a part of the project as well since you don’t have to estimate the entire project. You can frequently use this method when you don’t have sufficient time to do a proper estimate, and you have a deadline. You may be able to get this information from the Project Management Office or another project manager you can use this template for your current project.Īnalogous estimating the activity duration is not so accurate in nature however, it is less costly and less time consuming than other methods. Based on the information on past projects that are similar, you can get a ballpark idea of the entire duration estimation.
This is a very important methodology that gives you the entire duration estimation. They are as follows: Analogous Estimating The PMI® recommends a few project management tools, methodologies, best practices for estimating the duration. It can be further modified based on the changes done in the project during the execution, controlling and monitoring the process. Initially, you can estimate your project based on the network diagram (sequencing the activities). It can be changed as work progresses and as new activities identified in your project. Estimating activity duration can be for a project phase or product phase and is iterative in nature.
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