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Getting It Done: Project Management in Action by Project Management Institute

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7 Tips for Estimating Your Projects

Take the subjectivity and speculation out of estimating.

Christian Bisson, PMP

Estimating can be a tedious task, and the final numbers are influenced by a daunting number of factors: scope, type of project, resources involved in estimating, type of client, unknown variables, potential risks and more. But estimating is critical to your project's—and your organization's—success. These tips can help practitioners arrive at an estimate that's both useful and accurate.

1. ALWAYS INCLUDE CONTINGENCY

A contingency is something that's expected to be spent. Therefore, project managers shouldn't remove it from an estimate simply to make the project look less expensive. In addition to a monetary contingency, also ...

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