Practice Standard For Project Estimating
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Practice Standard for Project Estimating - Second Edition
Author: Project Management Institute
language: en
Publisher: Project Management Institute
Release Date: 2020-04-24
Project estimating plays a vital role in project management. Typically completed in the initial planning stages, accurate project estimation can be a difficult task. Organizations and project managers should use these initial estimates to baseline the project schedule and cost, then refine these estimates as the project develops. Accurate estimation and refinement of the estimates leads to better and earlier decision making, thus maximizing value.Developed within the framework of A Guide to the Project Management Body of Knowledge (PMBOK&® Guide) &– Sixth Edition and other PMI standards, the Practice Standard for Project Estimating &– Second Edition focuses on providing models for the project management profession in both plan-driven and change-driven adaptive (agile) life cycles. This practice standard describes the aspects of project estimating that are recognized as good practice on most projects most of the time and that are widely recognized and consistently applied.PMI practice standards describe processes, activities, constraints, inputs, and outputs for specific discipline subject areas and are targeted to all practitioners within projectized organizations, not just project managers.
Practice Standard for Work Breakdown Structures - Third Edition
Author: Project Management Institute
language: en
Publisher: Project Management Institute
Release Date: 2019-06-27
The Work Breakdown Structure (WBS) serves as a guide for defining work as it relates to a specific project's objectives. This book supplies project managers and team members with direction for the preliminary development and the implementation of the WBS. Consistent with A Guide to the Project Management Body of Knowledge (PMBOK® Guide)-Sixth Edition, the WBS Practice Standard presents a standard application of the WBS as a project management tool. Throughout the book, the reader will learn what characteristics constitute a high-quality WBS and discover the substantial benefits of using the WBS in every-day, real-life situations.
Leveraging the New Practice Standard for Project Estimating
The Project Management Institute recently published a comprehensive Practice Standard for Project Estimating that aligns with A Guide to the Project Management Body of Knowledge (PMBOK® Guide). This paper illustrates the new practice standard, selected key inputs, activities, and outputs using a real-world project. It focuses on the estimation technique--analogous, parametric, and bottom-up--in some depth, within the context of estimating and building a conference management website. The new Practice Standard for Project Estimating provides information on the following focus areas: Principles and Concepts: Foundational; Prepare to Estimate stage: Focuses on the creation of a project estimating approach; Create Estimates stage; Manage Estimates stage; and Improve Estimating Process stage. This paper also provides a timely opportunity to understand the Project Estimating global standard and it with the PMBOK® Guide.