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  Guide to Estimating  2 Contents  Definition of estimating  What estimates are made on projects  Importance of accurate estimates  When estimates are required  Effort and duration  Estimating accuracy  Types of estimating  Estimating methods  Top down estimating  Bottom up estimating  Parametric estimating  Estimating techniques  Weighted average estimates  Consensus estimating  Phase ratios  Estimating assumptions   Applying contingency to estimates  Recommended estimating principles  Verification of estimates  3 Definition of estimating „To form an approximate notion of the amount, number, magnitude or position of anything, without actual enumeration or measurement.‟   Oxford English Dictionary  4 What estimates are made in projects 1.Time estimates are used in scheduling work, assigning resources and determining delivery dates. 2.Cost estimates are used for budgeting. 3.Cost and benefit estimates are used in cost/benefit analysis to determine the overall viability of a project.
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