Improving Early Estimates Best Practices Guide

The Research Team identified continuous improvement and estimate feedback as an integral part of improving the accuracy of early estimates. Final project cost reports is a valuable document to capture lessons learned and develop and enhance estimating tools and techniques within an organization. The feedback loop is illustrated in the figures below. (IR131-2, p. 37)

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The estimate work plan is a document to guide the team in preparing accurate estimates and improving the estimating process. It identifies the work that needs to be accomplished to prepare the estimate: who is going to do it, when it is being done, and the budget for preparing the estimate. The work plan serves as a document to coordinate the estimating work and as a basis to control and maintain the estimating process. It is one of the tools and techniques used to by early estimation teams and identified in the best practice guide. The illustration below is the typical information addressed in an Estimate Work Plan. (IR131-2, Figure 4, p. 15)

Estimate Work Plan graphic (IR131-2, Figure 4, p. 16)

IR131-2, Improving Early Estimates Best Practices Guide

This guide describes the most effective ways to achieve more accurate early estimates emphasizing team alignment, project scope definition, estimate reviews, the estimate team’s experience level, assessing risk and assigning contingency.

• This guide included the Estimate Scoring Program (ESP), which is no longer supported and does not run on current platforms.