Reference no: EM132239663
1. Different Estimating Techniques Discussed
The 3-Point estimate: In this technique, the low of the project is defined by three sets of assumptions. They include setis optimistic estimate, pessimistic estimate and an estimate between the first two assumptions. This technique is more likely to estimate is the probable scenario between optimistic and pessimism estimation.
Analogy Estimate: This estimate is uses historical data or past project experiences to estimate the similar parameters in future activities.
Examples of parameters used include range, duration, and cost. Requirements are previous data, project manager's participation, and a project close to a current one. This estimation technique is simple and takes less time.
2. How to Decide the Better Estimate
The project manager should consider every specific characteristic of the project under estimated. If the project is more complex or the risk is higher, the manager can use historical data (analogue estimate) to make the estimation purpose (Nagowah et al., 2016). For example, the project manager can use parametric estimation because it uses historical data.
The 3-point estimator follows the triangular distribution to compute simple average (Agar et al., 2018). However, the choice of the estimation depends on the situation at hand but the 3-point technique is the best.
3. Which Estimate to Use
As the project manager, I would use analogy estimation because this estimation provides previous figures and facts for the project. This technique is simple but efficient in computing the duration required to complete the project. This technique solves complexities more effectively (Agar et al., 2018). However, a mixture of parametric estimation and analogue estimate would be more effective on a project that suits the combination.
References
Agar, A. S., Fry, A. J., Goodfellow, M. J., Goh, Y. M., & Newnes, L. B. (2018, July). Expected Accuracy Range of Cost Estimates for Small Modular Reactors at the Early Concept Design Stage. In 2018 26th International Conference on Nuclear Engineering (pp. V009T16A055-V009T16A055). American Society of Mechanical Engineers.
Nagowah, S. D., Rumjaun, S. S., Gutteea, K. A., & Nagowah, L. (2016). EffortEst-An Enhanced Software Effort Estimation by Analogy Methods. ADBU Journal of Engineering Technology.
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