Leveraging the New Practice Standard for Project Estimating

Download or read book Leveraging the New Practice Standard for Project Estimating written by Vijay Kanabar and published by . This book was released on 2011 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Project Management Institute recently published a comprehensive Practice Standard for Project Estimating that aligns with A Guide to the Project Management Body of Knowledge (PMBOK® Guide). This paper illustrates the new practice standard, selected key inputs, activities, and outputs using a real-world project. It focuses on the estimation technique--analogous, parametric, and bottom-up--in some depth, within the context of estimating and building a conference management website. The new Practice Standard for Project Estimating provides information on the following focus areas: Principles and Concepts: Foundational; Prepare to Estimate stage: Focuses on the creation of a project estimating approach; Create Estimates stage; Manage Estimates stage; and Improve Estimating Process stage. This paper also provides a timely opportunity to understand the Project Estimating global standard and it with the PMBOK® Guide.