By Ray Myers, Jr., PMP ROM estimates are used for strategic decisions, long range planning, or simply to respond to questions such as: How big is the bread box? or, Approximately, just for grins, how much are we talking about? The first step is to determine if a ROM estimate is appropriate. Review the...
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When to Use ROM Estimates
Solicitation Planning
By Ray Myers, Jr., PMP Solicitation planning consists of preparation of the documents needed for the procurement and determining the evaluation criteria for the contract award. The primary procurement documents are: Request for Proposal (RFP) is used to solicit full proposals from potential suppliers Request for Quote (RFQ) is used to solicit quotes or...
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Types of Estimates
By Ray Myers, Jr., PMP There are three types of estimates that may be used for project estimating: Rough-Order-of-Magnitude (ROM) Estimates (-50% to +50%) Budget Estimates (-10% to +25%) Definitive Estimates (-5% to +10%) Some or all of these estimate types may be used on a project. When providing project estimates, be sure to...
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Simple Project Ground Rules
Right to Have A Project Plan All project team members have the right to ask, “Where is the plan,” and “What are my tasks.” Assignments Are Reasonable Project managers do a reality check assignment and time-line with each assignee before the plan is finalized. Overall Project Plan Is Reasonable All project team members (and...
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Parametric Estimating
By Ray Myers, Jr., PMP Parametric Estimating is an estimating technique that uses a statistical relationship between data and other variables to calculate the estimate. It is simply a mathematical model. The complexity of the model may vary based on the nature of the project or activity to be estimated. For example, you could...
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Analogous Estimating
By Ray Myers, Jr., PMP Analogous estimating is a form of expert judgment It uses the actual or historical data of a similar project activity for the basis for the estimate.. In other words, those individuals with the most experience are the best source for Analogous estimates. The Subject Matter Experts (SMEs) submit their...
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Freelance Project Management
By Ray Myers, Jr., PMP Merriam-Webster.com defines freelance as a person who pursues a profession without a long-term commitment to any one employer, or a person who acts independently without being affiliated with or authorized by an organization. Freelancers can work in many professions such as writers, web design, copy-editing, computer programing, consulting, and...
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Status Report Outline
By Ray Myers, Jr., PMP Here is a simple outline for status reports: What have you done since your last status report? What issues or problems did you run into, both positive and negative? What did you do about the issues or problems you ran into, both positive and negative? What are you going...
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Using the Delphi Technique for Estimating
By Ray Myers, Jr., PMP The Delphi technique uses a number of subject matter experts (SMEs) to develop independent estimates, document assumptions, and discuss the differences. Prerequisites The Project Manager functions as the exercise facilitator A Group of SMEs Project description, scope, assumptions and work breakdown structure (WBS) Steps Repeat this procedure for each...
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PERT Estimating
By Ray Myers, Jr., PMP A single estimate is not always enough to provide confidence in the accuracy of the project estimate. By using three estimates, you can incorporate risk factors into your estimates. Using the projects identified risks: Estimate the most optimistic (few risks will occur) Most likely (average number of risks will...
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