Week 4 Discussions – Project Cost and Resources Management

Project Cost and Resources Management – Estimation Inaccuracies

Consider a situation you’ve experienced when you made an inaccurate estimation for the duration of some activity.  It doesn’t necessarily need to be during a project (though that would be desirable if possible). 

a)    What was the situation?

b)    Describe how you made the estimate.  Discuss your reasoning for estimating the duration of the activity the way you did.

c)    In what way was it inaccurate?  Discuss the factors that caused your estimate to be inaccurate.

d)    What was the outcome of the situation?

e)    What were the consequences of the inaccuracy