Question: please create a 2 - 3 sentence response to the following discussion post: In order to balance the need for accurate and precise time estimates
please create a sentence response to the following discussion post:
In order to balance the need for accurate and precise time estimates with the reality of project uncertainties, a project manager can use a number of different strategies. Most importantly, the project manager needs to accurately identify all of the necessary project tasks and subtasks; otherwise, time estimates will be highly inaccurate. To identify all project tasks and project manager should consider:
A brainstorming session with all team members likely to work on project tasks
Leverage their experience in identifying taskstimes and including risks or problems that may arise
Hold one on one conversations with team members about tasks that they will be responsible for completing
This could include speaking with vendors who will be completing tasks in order to get a better understanding of all subtasks
Consult with other inside and outside the organization for ideas and advice
Once a comprehensive task list has been completed, the project manager is in a better position to effectively estimate time. For time estimating, the project manager should consider:
As part of the task identifying process listed above, the project manager will also obtain time estimates for tasks and subtasks from the team members
Discuss assumptions being made as part of those time estimates number of resources
Ask experts to consider how likely assumptions may be wrong and how those assumptions impact the time estimates
Ensure that time estimates include the total duration of completing tasks all factors
Compare time estimates to prior projects that may be similar, or have similar tasks
In order to incorporate risk management into the time estimation process, a project manager should consider:
Threepoint estimating
Each task receives threetime estimates: Optimistic, Mostlikely, Pessimisticdetermine final estimate based on a comparative analysis along with building in a buffer that accounts for risks that are likely
Provide confidence level rating for each estimate
The three point estimate andor percentage of confidence by team member
By providing a time estimate that incorporates risk level and confidence rating, a project manager will be able to provide a time estimate that stakeholders can feel good about.
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