Creating your estimation tool
An estimation tool is a great asset to a project as it defines a standard way to deliver and size a project.
Getting ready
Before starting, it is important to have an understanding of how long standard tasks take within your organization and which algorithms are used for estimation.
How to do it...
Once you have created the work breakdown structure, reopen this spreadsheet:
1. Decide on an estimation algorithm, for example, three point estimation with a weighted average and standard deviation:
2. For each task, identify how many hours you estimate a single task or component will take.
3. Apply your formula across each task.
4. Sum the tasks at the end to get a grand total of effort:
How it works...
Identifying the task drivers, base hours, and a standard estimating tool makes it easier to get a realistic effort for your project. This is, however, only an effort for one resource, and not duration. For an extra step, you will need to add dependencies and resources to...
