4Estimating the Activities

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Learning Objectives

By the end of this chapter, you should be able to:

• Estimate the time and cost needed to complete each of the activities in a project.

• Describe various estimating methods.

• Explain why estimates are not always precise.

• Describe the three basic types of contracts and explain when to use each.

THE IMPORTANCE OF ESTIMATING

A novice project manager might believe it a waste of time to spend much effort estimating. However, experienced project managers recognize the importance of estimating as precisely as possible, using the best estimating methods. For this reason, it is preferable to have estimates ...

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