How to Describe Your Project and Get a Credible Cost Estimation?

Project managers and their team members dread the prospect of failure because of its personal and professional implications. But while everything that can go wrong will go wrong in any project – it’s Murphy’s Law, after all – the best project managers adopt effective and efficient measures to avoid project failure.

Keep in mind that project failure can mean different things to the different stakeholders. Project failure can mean the failure to deliver based on the agreed quality, schedule and cost, it can be the failure to yield the desired positive results for the end users, or it can be the failure to complete the project.

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Project management isn’t just about making projects happen, but making them happen smoothly and efficiently.

There are many moving parts to any project, and the PM has to help every stakeholder see how they all work together, how the timeline must flow, and be the organizational brain behind it all.

That requires skill and know-how, but it also necessitates having methods that work best with various projects types and timespans.

The best PMs have a full complement of tools and techniques (regardless of industry) that they know well and can bring into play as the project determines fit.

These techniques don’t eliminate the need for project management software but may work alongside and in many cases enhance use of the software available.

The target audiences of this article are team/project leads and project/program/delivery managers.

For example, “MS Project” shows you critical path/s in a project by a RED colored duration, while other project management tools might show it differently.

But as a vigilant project manager, it’s your job to take note of critical path/s in your project to monitor and manage the same.

• Create a list of all tasks/subtasks with WBS technique along with deliverable milestones in a project.

• Take note of tasks of lengthier duration as compare to rest of tasks to identify what all tasks are of longer duration.

There are some components and formulas as described below, which can also help you to identify a critical path under this analysis.

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There is a long process that leads to cost estimation.

When answering these questions, there are few things we need to understand: how to calculate software development cost?

Estimation is important because it helps not only have a knowledge of the budget needed but also have an idea of the time needed to complete the project.

Hour: 60 minutes of continuous work.

A thorough understanding of dependencies and anticipation for resources needed are ingredients of a good planning.

Another approach consists of doing the estimation based on similar projects, the actual man-hours needed to complete them and adapt to the context of the software project to estimate.