In this post I'll cover 9 best practices for ensuring that the estimates you create for your organization's projects will in fact hold water so you are not caught off-guard with a project that suddenly crashes and burns. An estimation checklist if you want.
Using the practices below will ensure that your organization has a better bottom line, more control, better utilization and more efficient resource allocation.
Let's get started...
1. Is the approach you use documented and known?
2. Do you use multiple estimating techniques?
3. Do you record actuals from previous projects that can be matched and reused?
4. Is the source and confidence around historical data known and/or clearly documented?
5. Who typically estimates?
6. Are confidence levels measured and evaluated?
7. Who completes independent review for your projects?
8. Does your company have a central repository of estimates and all of their assumptions and updates through the project life cycle including feedback of actuals?
9. Do you keep an audit trail of changes and approvals?
Doing the things listed above will ensure a continuous performance improvement both in project resourcing and accuracy of actual time & cost spent on new projects, thus more bottom line dollars.
Have I covered everything or are there more best practices you can think of?
If you want to see a demo of what Forecast has to offer, or if you have any questions estimates and managing projects; then book a personal 30 min. slot with our success team. We're looking forward to hearing from you.