PM ‐ Lec 3 - RenadShamrani/test GitHub Wiki

Lecture 3: Project Time & Cost Estimation

Simplified with Emojis & Mind Maps!

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1. Estimating Projects

• ⏳ Time: How long tasks will take.
• 💰 Cost: How much tasks will cost.
• 📊 Types of Estimates:
  • Top-Down: General estimate from top managers.
  • Bottom-Up: Detailed estimate from task-level.

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2. Factors Affecting Estimates

• 📅 Planning Horizon: Accuracy decreases for distant tasks.
• 👥 People: Skills & experience of estimators.
• 🏗️ Project Structure: Dedicated teams vs. shared resources.

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3. Estimation Guidelines

• ✅ Responsibility: Experts estimate their tasks.
• 📏 Normal Conditions: Base estimates on normal work conditions.
• ⛔ No Padding: Avoid adding extra time/cost unnecessarily.

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4. Estimation Methods

• 📐 Apportion Method: Use past project data for estimates.
• 📉 Function Point Method: Estimate software projects based on features.

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Mind Map Recap

Time & Cost Estimation  
├── Estimating (⏳💰📊)  
├── Factors (📅👥🏗️)  
├── Guidelines (✅📏⛔)  
└── Methods (📐📉)  

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Key Takeaway:

Estimate time & cost accurately by using the right methods and considering key factors! 🚀