Estimates Query

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KaurP
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Estimates Query

Postby KaurP Mon Jun 04, 2018 3:37 pm

Hi,

PMBOK - only talks about (ROM) and definitive estimates. I got rest from Rita-

The accuracy of a project estimate will increase as the project progresses through the project life cycle.
For example, a project in the initiation phase may have a rough order of magnitude (ROM) estimate in the range of −25% to +75%. Later in the project, as more information is known, definitive estimates could narrow the range of accuracy to −5% to +10%. In some organizations, there are guidelines for when such refinements can be made and the degree of confidence or accuracy that is expected.

Please tell me when or after which activity, at which stage or in which process we can provide all these different types of estimates?

Rough order of magnitude - Eg.In the beginning of the project when only the charter has just been created. (initiation)
Preliminary Estimates
Budget Estimate- during planning
Definitive Estimate
Final Estimate

Thanks!

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