Practice Standard for Project Estimating - Second Edition

2

CONCEPTS

Section 2 outlines the concepts of project estimating. This includes defining the scope, roles, and stages of project estimating. This section will also highlight important considerations, such as the causes of estimating variances, characteristics of an estimate, estimation methodologies, portfolio and program influences, governance, and industry practices around project estimating. Specific techniques are described in Section 4.

This section includes the following subsections:

2.1 Overview

2.2 Estimating Roles

2.3 Estimating Life Cycle Stages

2.4 Evolving Estimates

2.5 Use of Metrics and Available Data

2.6 Estimation Variances

2.7 Characteristics of an Estimate

2.8 Industry-Specific Practices

2.9 Case Study

2.10 Summary

2.1 OVERVIEW ...