Practice Standard for Project Estimating

Practice Standard for Project Estimating

by Project Management Institute
Released December 2010
Publisher(s): Project Management Institute
ISBN: 9781935589945

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Book description

Consistent with the PMBOK® Guide - Fourth Edition, the Practice Standard for Project Estimating describes the life cycle stages of project estimating. It details the aspects of resources, durations, and costs, and explains the concept of progressive elaboration--continuously refining and improving a plan as a project evolves.

Table of contents

  1. Cover Page
  2. Title Page
  3. Copyright Page
  4. Notice
  5. Table of Contents
  6. Preface
  7. Chapter 1 - Introduction
    1. 1.1 - Purpose of the Practice Standard for Project Estimating
    2. 1.2 - Definition of Project Estimating
    3. 1.3 - Project Estimating and the Project Management Practice
    4. 1.4 - Relationship between this Standard and Other PMI Standards and Knowledge Areas
      1. 1.4.1 - PMBOK® Guide—Fourth Edition
      2. 1.4.2 - Practice Standard for Earned Value Management
      3. 1.4.3 - Practice Standard for Work Breakdown Structures
      4. 1.4.4 - Practice Standard for Scheduling
      5. 1.4.5 - Practice Standard for Project Risk Management
      6. 1.4.6 - The Standard for Program Management
      7. 1.4.7 - The Standard for Portfolio Management
    5. 1.5 - Summary
  8. Chapter 2 - Principles and Concepts
    1. 2.1 - Introduction
    2. 2.2 - Scope of Project Estimating
    3. 2.3 - Estimating Roles
    4. 2.4 - Estimating Life Cycle Stages
    5. 2.5 - Evolving Estimates
    6. 2.6 - Use of Metrics
    7. 2.7 - Causes of Estimating Variances
    8. 2.8 - Characteristics of a Good Estimate
    9. 2.9 - Industry Differences
    10. 2.10 Summary
  9. Chapter 3 - Prepare to Estimate
    1. 3.1 - Introduction
    2. 3.2 - Inputs
      1. 3.2.1 - Project Documents
      2. 3.2.2 - Experts
      3. 3.2.3 - Estimating Techniques
      4. 3.2.4 - Constraints and Assumptions
      5. 3.2.5 - Additional Influences
      6. 3.2.6 - Historical Project Information
    3. 3.3 - Activities
      1. 3.3.1 - Create Project Estimating Approach
    4. 3.4 - Outputs
      1. 3.4.1 - Project Estimating Approach
      2. 3.4.2 - Information and Resources to Create the Estimate
    5. 3.5 - Considerations
      1. 3.5.1 - Allocate Appropriate Time to Plan
      2. 3.5.2 - Proper Stakeholder Expectations Management
      3. 3.5.3 - False Perception of Level of Accuracy
    6. 3.6 - Summary
  10. Chapter 4 - Create Estimates
    1. 4.1 - Introduction
    2. 4.2 - Inputs
      1. 4.2.1 - Project Estimating Approach
      2. 4.2.2 - Estimating Information
      3. 4.2.3 - Estimators
      4. 4.2.4 - Enterprise Environmental Factors and Organizational Process Assets Influences
    3. 4.3 - Activities
      1. 4.3.1 - Use of Analogous Techniques
      2. 4.3.2 - Use of Parametric Techniques
      3. 4.3.3 - Use of Bottom-Up Techniques
    4. 4.4 - Outputs
      1. 4.4.1 - Completed Estimates
      2. 4.4.2 - Basis of Estimates
    5. 4.5 - Considerations
      1. 4.5.1 - Optimism in Estimates
      2. 4.5.2 - Progressive Elaboration of Estimates
      3. 4.5.3 - Cost-Schedule Interrelationship
      4. 4.5.4 - Normalization of Historical Data
      5. 4.5.5 - Accounting for Time
      6. 4.5.6 - Expert Judgment
    6. 4.6 - Summary
  11. Chapter 5 - Manage Estimates
    1. 5.1 - Introduction
    2. 5.2 - Inputs
      1. 5.2.1 - Baseline Estimates
      2. 5.2.2 - Approved Changes to Baseline
      3. 5.2.3 - Resource Plan
      4. 5.2.4 - Work Performance Information
      5. 5.2.5 - Organizational Process Assets
      6. 5.2.6 - Project Estimating Approach
    3. 5.3 - Activities
      1. 5.3.1 - Manage Estimates: A Living Plan Cycle
      2. 5.3.2 - Use of Tools and Techniques
    4. 5.4 - Outputs
      1. 5.4.1 - Updated Estimates
      2. 5.4.2 - Updated Forecast for Remainder of Project
      3. 5.4.3 - Updated Change Request Log
      4. 5.4.4 - Reporting and Communication
    5. 5.5 - Considerations
      1. 5.5.1 - Actuals
      2. 5.5.2 - Variance Analysis
      3. 5.5.3 - Change Control
      4. 5.5.4 - Quality of Estimates
      5. 5.5.5 - Organizational Culture
    6. 5.6 - Summary
  12. Chapter 6 - Improve Estimating Process
    1. 6.1 - Introduction
    2. 6.2 - Inputs
      1. 6.2.1 - Project Information
      2. 6.2.2 - Project Estimating Approach
      3. 6.2.3 - Historical Project Information
      4. 6.2.4 - Baseline Estimates
      5. 6.2.5 - Updated Estimates/Forecasts
      6. 6.2.6 - Change Log
      7. 6.2.7 - Actual versus Estimate Data
      8. 6.2.8 - Stakeholder Feedback
      9. 6.2.9 - Organizational Process Assets
    3. 6.3 - Activities
      1. 6.3.1 - Gather Estimating Information
      2. 6.3.2 - Assess Estimating Process
      3. 6.3.3 - Determine Root Causes and Lessons Learned
      4. 6.3.4 - Develop Action Plan for Changes
      5. 6.3.5 - Implement Changes and Share Lessons Learned
    4. 6.4 - Outputs
      1. 6.4.1 - Updated Tools and Techniques
      2. 6.4.2 - Updated Organizational Process Assets
    5. 6.5 - Considerations
      1. 6.5.1 - Spend the Appropriate Time
      2. 6.5.2 - Consider the Skill Set
    6. 6.6 - Summary
  13. References
  14. Appendix A - Guidelines for a PMI Practice Standard
    1. A.1 - Introduction
  15. Appendix B - Evolution of PMI's Practice Standard for Project Estimating
    1. B.1 - Pre-Project
    2. B.2 - Development Work
    3. B.3 - Exposure and Consensus
  16. Appendix C - Contributors and Reviewers of the Practice Standard for Project Estimating
    1. C.1 - Practice Standard for Project Estimating Core Committee (Development Phase)
    2. C.2 - Significant Contributors
    3. C.3 - Practice Standard for Project Estimating Reviewers
    4. C.4 - Practice Standard for Project Estimating SME Reviewers
    5. C.5 - Practice Standard for Project Estimating Core Committee (Research Phase)
    6. C.6 - Practice Standard for Project Estimating Committee Members (Research Phase)
    7. C.7 - Final Exposure Draft Reviewers and Contributors
    8. C.8 - PMI Standards Member Advisory Group (MAG)
    9. C.9 - Staff Contributors
  17. Appendix D - Estimating Models
  18. Glossary

Product information

  • Title: Practice Standard for Project Estimating
  • Author(s): Project Management Institute
  • Release date: December 2010
  • Publisher(s): Project Management Institute
  • ISBN: 9781935589945