The project estimation is always a tricky part to handle and it requires lots of effort to make an accurate estimation for a project. The way of estimating project depends upon the organization needs and project scale. However below are the key points which needs to be considered while performing any project estimation.
Identify Deliverables :
The first step is to identify the project and then pinpoint the specific deliverables associated with the project.
Take the project and break it down into simple tasks separated by component – the more specific the better – that will get us to the deliverables.
Project Planning :
– Initial meeting with client to gather scope of project
– Identify technology stack, issue tracking tool, agile project management tool
– Identify deployment of project to local and client server
– Provide client with project information sheet
– Get approval from client for project information sheet
Resource Planning :
– Number of developers needed
– Identify developer that fits into projects
– Resource costs evaluation
– Communication and miscellaneous time evaluation
Cost Estimation :
The next step is to estimate time for each task, rounding up and to prepare a details document with functionality breakdown of each component and hour needed to complete each task for a one man.
Lastly calculate the total hour for all of the tasks for a one man and add in a buffer. The buffer can be anything, usually within a range of 10-25% addition.