PROJECT ESTIMATION:-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.
Estimate 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.Estimate 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.Estimate Cost of Project:-ITEMCOST1.Profit-2.Hardware-2.1 Handheld devices-2.
2 Servers-3. Software-3.1 Licensed software-3.
2 Software development-4 Testing-5 Training and support-6 Human Resource Cost-7 Risk management-TOTAL-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.
Effort 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 be increase.There are many techniques are used to calculate the Estimation of the project.
In that one of the important technique is PERT.PERT:-PERT are used to coordinate tasks, calculate time, calculate cost, Efforts and helps to schedule all the tasks. PERT are calculated byMOST OPTIMISTIC ESTIMATE (O)MOST LIKELY ESTIMATE (M)PESSIMISTIC ESTIMATE (L)FORMULA FOR CALCULATING PERT:-E= (O+4*M+L)/6CONCLUSION: – 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.