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Project Management – Earned Value Management (A Simple Example)

Posted by mgocean on June 2, 2009 in Business Plan, Earned Value Analysis, Estimation, Project Management |

Earned Value Management (EVM or EVA) tracks how the project sticks the project plan in the scale of time and budget. To lie and give very optimistic answers like “Very well”, “we’re progressing through the plan”, “perfect” to the top management and sponsor who asks about the project is also a way. But this method […]

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Project Management Estimation Methods

Posted by mgocean on May 28, 2009 in Earned Value Analysis, Estimation, Project Management |

Estimation is a frequently occurring phenomenon in our everyday lives. When we leave home for the office in the morning, we roughly estimate the time it will take to reach the office. When we plan to make a business analysis presentation in a meeting, we estimate the time it will take to complete the presentation, […]

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Project Management Estimation Methods – Top Down Estimation

Posted by mgocean on May 28, 2009 in Estimation, Project Management |

The Top-Down Method is useful for quickly estimating the total resources required for a project, and allocating this total to lower-level project activities. This gives initial estimates for each of the various activities or subsystems. These estimates may be sufficient for early planning. Top-Down Method may be used to estimate effort, cost, and schedule (or […]

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Project Management Estimation Methods – Buttom Up Estimation

Posted by mgocean on May 28, 2009 in Estimation, Project Management |

Bottom-up estimation is based on a breakdown of the project into individual elements, each of which is estimated separately. Project elements could consist of individual requirements, tasks, or deliverables from a work breakdown structure, or counts of items such as classes, program modules, or test cases. The estimates for the individual elements are then compiled […]

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Project Management Estimation Method – Parametric Approach – COCOMO

Posted by mgocean on May 27, 2009 in Estimation, Project Management |

COCOMO is classified as a composite model which relies on analytic techniques, statistical data fitting, and expert judgment. COCOMO was developed primarily using experience from large, specification-built software developed in the late 1970s and early 1980s. These projects served as the basis for fitting a number of duration estimation equations to different functional forms. Experience […]

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Project Management Estimation Methods – Function Point

Posted by mgocean on May 27, 2009 in Estimation, Project Management |

Almost all engineering disciplines depend on the basic premise of being able to measure the various parameters with which that specific branch of engineering deals. For example, civil engineers can measure various civil structures using the metric system of measurement; electrical engineers can measure through units like watts, volts, amperes, etc.; and mechanical engineers measure […]

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Project Management Estimation Methods – Delphi / Wideband Delphi

Posted by mgocean on May 27, 2009 in Estimation, Project Management |

The Delphi technique is an organized way to help a group of informed experts achieves a consensus on an estimated value. It is an iterative process consisting of a series of rounds. In each round, every expert in the group anonymously and independently estimates the value of an item. No person knows the values provided […]

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Project Management Estimation Methods – PERT (Program Evaluation and Review Technique)

Posted by mgocean on May 26, 2009 in Estimation, Project Management |

PERT is probabilistic and stochastic in that variability is considered in the duration of each activity. It means PERT assumes that the duration of each activity is represented by a random variable with a known probability density function. (Lee D.E., 2005, pp: 310 – 318)   The PERT technique uses additional information from the estimator […]

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Project Management Estimation Methods – Expert Judgement

Posted by mgocean on May 25, 2009 in Estimation, Project Management |

There are at least four reasons why the algorithmic models do not perform well. First, there is the problem of software sizing. Obtaining consistent size estimates (in lines of code or Function Points) and interpreting such estimates require high skill levels and good judgment. Second, there is the issue of historical data. Most researchers have […]

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