Learning to make time and cost estimates

Using relative estimates is an effective strategy, but it becomes useless if someone asks you, When exactly will you be able to finish this? Scrum and Kanban do not give you project estimation tools. In fact, both methodologies argue that making such estimates is unnecessary. This line of thought is true if your goal is to efficiently complete a project with known deadlines and known budget constraints. However, there are situations where you may need to set budgeting and time constraints yourself.

Let's take a consulting environment as an example. We need to build a custom analytics system for a client. The main task is to estimate the probability of buying a certain product based on the user's profile. ...

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