As a project manager, it’s impossible to underestimate the importance of cost estimation when it comes to successfully completing a project. Before even approaching a project, it’s important to get a handle on cost estimation to help keep you on task and in touch with project constraints and limitations.
Why Cost Estimation in Project Management so Important?
There are three things conventional wisdom says project managers must adhere to to be successful: time, scope, and budget. Project managers who can’t stay on budget will quickly find themselves struggling in a field defined by the art of managing resource constraints. After all, no one wants to work with someone who’s constantly going over budget.
One surefire way to make sure your projects actually stay on-budget? Get really good at estimating how much things cost. Cost estimation helps you achieve what you say you’re going to achieve within the financial constraints you’re given by executives and stakeholders.
Als eines der entscheidenden Merkmale für einen erfolgreichen Projektfortschritt muss eine genaue Schätzung der Projektkosten an erster Stelle stehen, wenn es darum geht, die Parameter für ein Projekt festzulegen. Wenn Sie mehr darüber erfahren möchten, wie sich die Kostenkalkulation auf die Erfüllung der Kundenerwartungen und den Erfolg eines Projekts auswirkt, sollten Sie die folgenden Punkte im Hinterkopf behalten.
3 Tips for Better Project Cost Estimation
Always Think of the Budget
When starting a new project, the best way to keep the importance of cost estimation in mind is to never lose sight of the project’s original budget. While the numbers may change due to constraints, changes in the project structure or the simple reality of changing climate demands, keep the initial figure in your head and try to stick to it.
When money-based problems come up, figure them in separately without instantly tacking them onto the primary figure. This will help when you come to the end of the project and have to tally up final costs with your original cost estimation.
Erstellen Sie eine Übersicht über alle Kosten - und aktualisieren Sie sie ständig.
Keep a detailed account of all the spending you do, whether it’s budgeted for or not. This works especially well for projects with a longer time frame, which often involve a greater amount of financial uncertainty. When it comes to project cost estimation, try to use one of the following four trusted methods and stick to it. Knowing and being able to trust your methodologies is vital when accurately projecting and measuring costs.
4 Methods for Cost Estimation
- For a project that comes with very few details, try analogous estimating.
- If you’re working on a project that’s similar to one you’ve done in the past, you can use that data in parametric estimation.
- Die Drei-Punkte-Schätzung ist eine hilfreiche Deduktionstechnik, wenn Sie zwar einige wichtige Daten, aber nicht alle benötigten Informationen haben.
- Bottom-up estimation is considered the gold standard for projects that require a meticulous cataloging of costs, progress and time tracking.
Unabhängig davon, für welche Art der Schätzung Sie sich entscheiden, kann die Verfolgung des Fortschritts mit einer cloudbasierten Projektmanagement-Software wie Planview AdaptiveWork eine hilfreiche Methode sein, um alles in Ordnung zu halten.
Time is Money
The most effective project cost estimation occurs from a combination of speculation and data-based charting. When you think about time as money, you’re keeping ahead of the game. The more you can chart down employee’s hours and estimate the total time spent on each leg of a project, the more equipped you’ll be to present a cohesive estimate of costs for this and other projects down the line. Thinking of time as money allows you to turn an indirect cost into a direct cost, thus helping you to form a better estimate of your final budget.
There are certain aspects of project management you can’t come by through shortcuts, but simply require experience and skill. Cost estimation is one of them. Still, it doesn’t hurt to have enterprise project management software to help make the rest of the job easier. Try a live demo of Planview AdaptiveWork today.