BUS 528 Chap 8&9

Chap 8 Dynamics of Accurate Estimating

Complete specification is the basis of an accurate estimation. This requires the experienced person actually do the work to make the estimation. Phased Estimating breaks down the full product lifecycle into different phases. Each of phase is considered as a project. The authority transfer shifts as a project or product starts from market /spec requirement definition migrate to design a prototype, further convert to new product introduction and then ramp up the mass production sustain stage, which is more practical.

For all the estimation method, I prefer bottom-up estimation for my project. This means each individual task being estimated and combined together. Even it cost a bit more time but the figure comes out is most accurate. Table below illustrate

Chap 9 Balance of the Project

Use the experts from outside of the firm

Some project could be too complicated and company may not have such equipment or staff internally. Using the service company to deliver the result will be more effective.

Reduce the project scope

As additional add-in feature could be take too long or add cost too much that is not really benefit the project then the scope of project may need to trim a bit to need the schedule due day. We can think about add up the feature later as time and budget allow.