Time/Effort estimation is the process of pre estimating the amount of time/effort required by an organization for executing and delivering a project. Accurate time/effort estimation is an essential skill required for better project management and delivery in an organization. These estimations are important for structuring the activities involved in the project right from the initiation as it helps in reaching the optimal quality delivery levels.
Project Managers often underestimate the amount of time/effort needed to implement projects, particularly when they’re not familiar with the work that needs to be done. This may happen if they fail to apprehend the complexity of any deliverable or they fail to take into account any unexpected events and do not add any buffer time in hand to overcome the damage which overall affects the entire project execution and delivery.
In order to successfully manage a project, the managers need to understand the nitty gritty of the project so that they can make accurate estimations for the time/effort. These estimations play an important role in determining the commercial profitability of an organization that comes out of the projects. The managers should ensure that they follow the following steps:
Understanding the Project Deliverables : The best way to start with time estimation is to review the project deliverables in detail. A detailed listing of all the project’s component tasks and understanding the related complexities before assigning them to the employees is very essential so as to define the scope of work on individual as well as team basis. Once the reviewing is done it becomes easier for project managers to predict the time/effort required to be put into each specific deliverable.
Prioritise the Deliverables: To overcome the time/effort estimation and management problems, prioritizing the requirements is very essential. The managers need to categorise the requirements based on their need, their complexity and the value they add to the product.
Draft your estimates: Based on the priority levels that are decided, start allocating time and effort required for each deliverable. While doing this the managers need to take care of all possible assumptions, exclusions and constraints so that the team has enough buffer period in hand to recover from any unprecedented setbacks or obstacles.
Apart from these basic strategic decision making steps, the managers can very well use technology for making their jobs easier. Our product Sapience is a cutting edge application which does Time Effort Analytics showing automated work visibility at every level of the enterprise. Sapience measures the overall productivity of the individual as well as the team by creating an activity mix for the users, which helps the managers to evaluate the current status, and determine if an intervention is required. Based on the data provided by our product it helps in estimating accurate time/effort for current as well as future projects. To know more about our product, please write to us at firstname.lastname@example.org