How to Estimate Cost, Time and Schedule to Finish a Successful Project

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The prediction of time and cost in a project is very uncertain for project managers, therefore a methodology should be followed, in order to make the closest estimation of time and cost. The set of methods a project manager uses, is going to help her/him achieve success and finish their project on time, and under budget.

The constraints of a project, time and cost, are to be considered, when the project manager, decides to follow a series of steps, to best estimate the time and cost of a project. In order to predict the total cost of a project, the project manager must be able to analyze and control the performance of a project, through a valuable technique known as Earned Value management (EVM).

Technology today has given project managers, tools and resources that they can use, to predict project completion time and cost. A method or a technique such as EVM can help project managers measure the progress of a project, objectively. Project managers have to have available to them, early indicators of the performance of a project, which can highlight the risks and can help enhance a project's cost and time performance. EVM has been used, in order to conduct many studies, to forecast project performance, which would allow project managers to predict time and cost. Projects are a way or a tool to solve just about any problem, and being able to estimate, its time and budget, will facilitate achieving the solution. When organizations have the need to complete temporary tasks, they use projects to do so; therefore it is important to study the best practices, challenges, and developments that take place within a project.

Sustainable project practices are assessed, addressed and enforced, by project managers, throughout the life cycles of a project. Clients are always interested in saving money, and completing projects as fast as possible, is a great skill a project manager can possess. As you mentioned there are many tools and techniques available today, for project managers to complete their project under budget and on time. The successful completion of a technology-based project requires a project manager to utilize a guide that has effective project management tools and techniques.

A project manager has to take into account four key areas when managing their projects, the purpose of the project within the organization, the support system the project would need, the leadership and the members of the project, and the tools and resources available to the project, within the organization.

The performance of a project should also be measured through methods that would assess the effectiveness of the project managers. The correct scheduling of a project is a vital element for the successful completion of projects. The Critical Path Method (CPM), and Program Evaluation and Review Technique (PERT) are some of the techniques available, to schedule a project.

However, these methods are not accurate, therefore, project managers must seek and research new and better ways to estimate the schedule and the budget of a project. In software project management life-cycle, estimation is one of the most critical areas, and it involves budget and the scheduling of a project.

 

References

M. T. Hajali-Mohamad, M. R. Mosavi, & K. Shahanaghi. (2016). Optimal estimating the project completion time and diagnosing the fault in the project. Dyna, Vol 83, Iss 195, Pp 121-127 (2016), (195), 121. https://doi-org.ezproxy.umuc.edu/10.15446/dyna.v83n195.44293

mahdieh akhbari. (2018). Project Time and Cost Forecasting using Monte Carlo simulation and Artificial Neural Networks. International Journal of Industrial Engineering and Production Research, Vol 29, Iss 2, Pp 231-239 (2018), (2), 231. Retrieved from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com.ezproxy.umuc.edu/login.aspx?direct=true&db=edsdoj&AN=edsdoj.89c1f50adb6b4264b56c25ba588d0568&site=eds-live&scope=site

Lipke, W., Zwikael, O., Henderson, K., & Anbari, F. (2009). Prediction of project outcome. The application of statistical methods to earned value management and earned schedule performance indexes. International Journal of Project Management, 27, 400–407. https://doi-org.ezproxy.umuc.edu/10.1016/j.ijproman.2008.02.009

Collins, R. J. (2011). Project Management. New York: Nova Science Publishers, Inc.

Maria Luisa Germanà. (2013). Demand for quality and design ideas competition: experimentation to discover good practices. Techne : Journal of Technology for Architecture and Environment, Vol 0, Iss 6, Pp 81-89 (2013), (6), 81. https://doi-org.ezproxy.umuc.edu/10.13128/Techne-13460

Farhad Habibi, Omid Taghipour Birgani, Henk Koppelaar, & Stojan Radenović. (2018). Using fuzzy logic to improve the project time and cost estimation based on Project Evaluation and Review Technique (PERT). Journal of Project Management, Vol 3, Iss 4, Pp 183-196 (2018), (4), 183. https://doi-org.ezproxy.umuc.edu/10.5267/j.jpm.2018.4.002

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Hernando Cadet

Hi every one, I obtained a bachelor's degree in Bioinformatics back in 2006, from Claflin University, after I received my bachelor's degree, I gained full time employment as a software engineer at a Video Relay Service company, maintaining databases and developing software for a new developed device called the VPAD.

I worked at that company for two years, then I became a web developer, and worked for a magazine for three years. After that job, I worked as a Drupal web developer, as a subcontractor for the NIH, for a year and then left the job to go back to school.

Hernando Cadet

Collaboratively administrate empowered markets via plug-and-play networks. Dynamically procrastinate B2C users after installed base benefits. Dramatically visualize customer directed convergence without

Collaboratively administrate empowered markets via plug-and-play networks. Dynamically procrastinate B2C users after installed base benefits. Dramatically visualize customer directed convergence without revolutionary ROI.