Estimation Process

1 Introduction
1.1 Background
The Estimation Process outlines the general procedure by which project team develops realistic estimates of the size, effort and cost for a project to be completed within the specified timeframe. 
The aim of estimation is to produce a 'likely' estimate that is as close as possible to the final actual figure. Estimation is among the most important activities of project management. The process of planning starts with estimation of various project parameters. 
Estimation is done for better planning and tracking so that project goals are met and cost and time overruns can be avoided.
A well estimated plan helps in solving most common project related issues like project not starting on time, schedule and cost overrun, unable to meet stakeholder’s requirements etc. 

1.2 Scope and Purpose
The objective of this process is to provide project management with guidelines concerning the estimation process. These guidelines allow the estimation of the size and effort required to accomplish the project tasks. The objective is to produce estimates of the effort needed to accomplish the tasks, and to document the method, assumptions and calculations used to determine the estimated value.
The Project Manager will estimate the requirements for effort and schedule. Based on the effort calculated and the dependency of the resources on the tasks, project schedule will be generated. Any tool (MPP, excel etc.) can be used to prepare the plan provided it explains the resource dependency and the project effort and schedule. 
The project requirements will be reviewed and re-estimated at the end of requirements discussion and design phase. Any change in the original effort or schedule will be escalated to Senior Management.
Two methods for estimation have been described in the process – a direct method that is task based, and an indirect method that is size based.
The estimates are compared with the actual figures at the end of the project to derive learning’s from the experience.

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