Purpose of the Practice Standard for Project Estimating Definition of Project Estimating Project Estimating and the Project Management Practice Relationship Between This Standard and Other PMI Standards and Knowledge Areas 1.4.1 PMBOK® Guide—Fourth Edition 1.4.2 Practice Standard for Earned Value Management 1.4.3 Practice Standard for Work Breakdown Structures 1.4.4 Practice Standard for Scheduling 1.4.5 Practice Standard for Project Risk Management 1.4.6 The Standard for Program Management 1.4.7 The Standard for Portfolio Management Summary
Introduction.. Scope of Project Estimating Estimating Roles Estimating Life Cycle Stages Evolving Estimates Use of Metrics Causes of Estimating Variances Characteristics of a Good Estimate Industry Differences Summary
Activities 3.3.1 Create Project Estimating Approach 3.4 Outputs 3.4.1 Project Estimating Approach 3.4.2 Information and Resources to Create the Estimate 3.5 Considerations 3.5.1 Allocate Appropriate Time to Plan 3.5.2 Proper Stakeholder Expectations Management 3.5.3 False Perception of Level of Accuracy 3.6 Summary
CHAPTER 4 - CREATE ESTIMATES 4.1 4.2
4.3
4.4
4.5
4.6
Introduction Inputs 4.2.1 Project Estimating Approach 4.2.2 Estimating Information 4.2.3 Estimators 4.2.4 Enterprise Environmental Factors and Organizational Process Assets Influences Activities 4.3.1 Use of Analogous Techniques 4.3.2 Use of Parametric Techniques 4.3.3 Use of Bottom-Up Techniques Outputs 4.4.1 Completed Estimates 4.4.2 Basis of Estimates Considerations 4.5.1 Optimism in Estimates 4.5.2 Progressive Elaboration of Estimates 4.5.3 Cost-Schedule Interrelationship 4.5.4 Normalization of Historical Data 4.5.5 Accounting for Time 4.5.6 Expert Judgment Summary
5.2.1 Baseline Estimates 5.2.2 Approved Changes to Baseline 5.2.3 Resource Plan 5.2.4 Work Performance Information 5.2.5 Organizational Process Assets 5.2.6 Project Estimating Approach Activities 5.3.1 Manage Estimates: A Living Plan Cycle 5.3.2 Use of Tools and Techniques Outputs 5.4.1 Updated Estimates 5.4.2 Updated Forecast for Remainder of Project 5.4.3 Updated Change Request Log 5.4.4 Reporting and Communication Considerations 5.5.1 Actuals 5.5.2 Variance Analysis 5.5.3 Change Control 5.5.4 Quality of Estimates 5.5.5 Organizational Culture Summary
CHAPTER 6 - IMPROVE ESTIMATING PROCESS 6.1 6.2
Introduction Inputs 6.2.1 Project Information 6.2.2 Project Estimating Approach 6.2.3 Historical Project Information 6.2.4 Baseline Estimates 6.2.5 Updated Estimates/Forecasts 6.2.6 Change Log 6.2.7 Actual Versus Estimate Data 6.2.8 Stakeholder Feedback 6.2.9 Organizational Process Assets 6.3 Activities 6.3.1 Gather Estimating Information 6.3.2 Assess Estimating Process 6.3.3 Determine Root Causes and Lessons Learned
'"'% 'Mr- '• '.,;.> v .--^/^^-'-'^--P-9tE-0F CONTENTS 6.3.4 Develop Action Plan for Changes 6.3.5 Implement Changes and Share Lessons Learned 6.4 Outputs 6.4.1 Updated Tools and Techniques 6.4.2 Updated Organizational Process Assets 6.5 Considerations 6.5.1 Spend the Appropriate Time 6.5.2 Consider the Skill Set 6.6 Summary
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REFERENCES
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APPENDIX A - GUIDELINES FOR A PMI PRACTICE STANDARD
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A.1 Introduction APPENDIX B - EVOLUTION OF PMI'S PRACTICE STANDARD FOR PROJECT ESTIMATING B.1 Pre-Project B.2 Development Work B.3 Exposure and Consensus APPENDIX C - CONTRIBUTORS AND REVIEWERS OF THE PRACTICE STANDARD FOR PROJECT ESTIMATING C.1 Practice Standard for Project Estimating Core Committee (Development Phase) C.2 Significant Contributors C.3 Practice Standard for Project Estimating Reviewers C.4 Practice Standard for Project Estimating SME Reviewers C.5 Practice Standard for Project Estimating Core Committee (Research Phase) C.6 Practice Standard for Project Estimating Committee Members (Research Phase) C.7 Final Exposure Draft Reviewers and Contributors C.8 PMI Standards Member Advisory Group (MAG) C.9 Staff Contributors ...: APPENDIX D - ESTIMATING MODELS GLOSSARY INDEX