What is project estimation?
For successful project implementation, we need to forecast the resources which will be needed during the process. We have to predict the need for resources, foresee potential problems, and evaluate the risks of the project. It is always a challenge for managers and product owners, but it is an absolute must-have at the stage of planning and project initiation.
Today we will talk about the proper estimation, which helps to build the right process, choose the right team and avoid probable mistakes.
What types of estimations take place during a project?
To estimate the budget and the scope of the project, we need to look at the project management triangle, which includes the cost, time, and scope of the project. Then, we can analyze risks, resources, and quality. The triangle of cost, time, and scope means that each of the 3 elements has an impact on the other two. If the duration of the product changes, it will bring changes to the whole project.
Let’s take a look at the main elements of project estimation.
1. Cost.
One of the main reasons why startups fail is cost issues. Foreseeing the amount of money needed for the finishing of the project and the time when the funds will be required is the first thing to do. Most startups rely on investors and venture capitalists to fund them until their product or service starts making money. If there will be some problems with project costs at this moment, a project can remain without any finds. That is how the wrong estimation could destroy the work done. The next part of project estimation is time.
2. Time
In every project, there is a moment when the main question will be asked: how long will the project last? Time is money, so the mistakes at this stage will lead to financial consequences.
There are different project estimation techniques and time stimation techniques that we use in our projects, such as PERT and CPM, but we will talk about them in the next video.
3. Scope
The scope of the project is all work that must be done to finish the project or deliver a product. The planning of the scope of the project is crucial: it shows exactly what has to be done to deliver a ready product.
By analyzing the amount of work, you can find the perfect talents and resources for implementation.
Thanks to estimating projects, their risks, resources, and quality, you will prepare your project for every scenario which could appear.
How do we work?
So, how do we work? The first stage is a workshop. During the workshop, we define the main ideas, choose the main functionality, understand the main problems and create a plan for further work. This stage gives the base for estimation for our team, so we can analyze every part of the project.
To estimate projects, we use the best practices and techniques which help us to foresee the possible challenges.
The second step is prototyping and solution, then testing - which is also a very important part of the work - an adaptation to all existing elements.
The following steps are production and integration.
Let us help you estimate your project
Contact our team if you want to implement your digital project into life. The Frontend House team of developers, designers and project managers is always there to create innovative solutions for your business.
Contact us via the form on frontendhouse.com, our team of developers, designers, project manager, and marketers will help you with project estimates, project planning and other.
