The main points and stages
Do you know what the future holds? We don’t either. This is why project estimation can be so difficult. You will also find that every project is unique because of its dynamic aspects, so there is no easy way to estimate. It is even more complicated because many companies offer unrealistic prices and time frames to get clients. It’s not easy to imagine.
It may seem simple for the average person, but project managers have some advantages when it comes to estimating. Successful estimation requires deep research, which usually consists of four stages.
Estimating product size
The most difficult step in project estimation is to determine the project size. A project manager must have a clear understanding of the project’s structure, potential bottlenecks, risks, and so forth in order to be able to give a fair estimate.
This information is provided by the client. It is in his best interests to provide as much detail as possible to enable a manager to make a wise estimate. A general estimate can be given quickly and easily via verbal discussion. Sometimes, the request seems very straightforward and easy. An assumption that is not properly investigated carries a certain level of uncertainty and risk. Who wants to risk the quality and safety of the product they’re investing in? It is also not a good idea to jump into conclusions in an area such as software development without knowing the basics. It can be taken by some clients as a sign that the company is more concerned about getting a paycheck than the responsibilities they will have to fulfill. This attitude could lead to loss of time, money, and investors, which is not something anyone would like.
It will be nearly impossible to track intermediate progress, re-estimate, add or remove features, or recall initial agreement conditions when it comes down to verbal agreements. It is why the most successful companies in the market pay great attention to keeping their agreements written down. Although it may not be the most enjoyable part of the collaboration, you cannot underestimate the importance to have SRS, wireframes and design, as well as any other documentation, sorted out. This allows you to fulfill your requirements and create a foundation for a successful partnership.
Workload estimation
Once we have a clear understanding of the project’s requirements, we can begin to estimate the effort required to complete the task.
Software development can be estimated by using prior experience, an algorithmic approach, and good old-fashioned communication with professionals who will be doing the work.
But that’s only one part of a larger unit called project. The process of working with clients, documentation work, client interaction, documentation, design, prototype implementation, quality control, and working process organization are all important.
Many clients are suspicious of the overestimation in time frames because they don’t have a thorough understanding of all the processes involved. It is important to choose a company that has a good reputation. Also, it is worth checking the market’s average time/cost level to get a better idea of the possible resources required.
Overestimating can lead to losing clients, and it can also cause damage to their reputation if they don’t fit into a tight estimate. There are also risks of specialists being overworked and tired. To balance all these factors, a project manager must provide a reasonable timeline. If a reliable company is chosen, they’ll be interested in you.
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