A Study On The Strategy Estimation

1022 WordsOct 17, 20155 Pages
The next strategic estimating method is to undertake the expert judgmental estimation since this particular project estimation method is driven around taking expert opinion and by understanding the strategic project requirements. The results are fast since expert opinion is driven through various elements while accuracy of estimations is not always certain due to project complexity. The experts are pooled from operations, business and management team so as to drive the right level of estimation knowledge for any given project as per the business strategic requirement. The expert judgment estimation is done for relatively simple and repetitive projects so that there is not much data complexity. 3.3.6. Published Data Estimating This is one…show more content…
The vendor undertakes the following key strategic approach to enable the project estimations:  The cost analysis is done on the basis of various vendors’ pricing for each of the component or services provided.  The exposes risks are highlighted since each element for project is procured through vendors.  Drives estimations on the basis of calculating average or better price from number of vendor bid. The vendor bid analysis suits the need whenever all the material or resources are deployed from third party vendors and project is managed by internal team. This is one of strategic approach to enable better efficiency. 3.3.8. Reserve Analysis This is one of fundamental strategic technique for conducting the estimates on the basis of reserve analysis. The technique deploys the estimates on the basis of considering provisions to manage uncertainties and risks through using a reserve pool of resources so as to do the best possible performance deployment. The reserve set of people enables managing the project since their cost can be relatively low and able to drive the major project objectives and to meet strategic goals. This approach is used whenever there is simple or less important project need to drive within controlled cost elements. 3.3.9. Bottom up Analysis The Bottom Up analysis is a technique that is deployed to get the better project estimation accuracy, however this estimation method required a project team to decompose the
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