Issue #3 - Bottom-up Estimating
Crucial knowledge for every project manager
Bottom-up Estimating
Read time: 4 minutes
Hey, welcome to the second Agile Admiral Newsletter.
I’m so excited that the Project Community is growing; on substack there are 102 subscribers and on LinkedIn 1000+ subscribers. This is massive and helps me to move forward.
Thank you
Today’s newsletter at a Glance:
IIL - Leadership & Innovation 2023 - Online Conference
Bottom-up estimating
Certifications - Study Group’s
Why I love PMO?
You are the power. You are the change. You are the leader.
Leadership and Innovation 2023 - Influence. Elevate. Transform.
In project management, experience counts. How to learn from others' experiences?
By joining events/conferences/meetings and learn/listen.
IIL hosting a one of a kind online conference, which is worth while to attend:
How to do Bottom-up Estimating?
If you are Junior PM - you need to learn this
If you are a PM already - you should learn how to master(doing it quickly and very precisely) :-)
Here’s how to implement bottom-up estimating in your project:
Technique for determining the overall cost or timeline for a project by examining the work at the most granular level of details
Benefits of bottom-up estimation
Highly accurate
Saves time
Reduces risk
Improves success
Increases productivity
How to use bottom-up estimating
List all the tasks for a project
Determine resources and timeline
Delegate to the team
List of all tasks for a project
Lay out every single task involved in the project.
Create a work breakdown structure (WBS).
Break down tasks to their most granular level, so you can determine the time and cost it will take to execute each.
Determine resources and timeline
Next, lay out the exact resources and timeline of the project. Bottom-up budgeting and cost estimation are critical to set a realistic time frame to make it all happen.
Determine the number of people for executing each task. Consult with the team to refine the approach and ensure you’re making accurate estimates.
Assign/delegate to the team
The next step is to ensure responsibility is shared across the team. Seeking buy-in from project team involved.
Empowering each team member to be responsible for the success of their assigned tasks, doing what it takes to get it done.
Here my LinkedIn Carosel:
Certifications
I am keen to help people passing PMI’s CAPM and PMP exams, therefore, I run weekly study groups to pass the first try.
My study groups are FREE of charge. If you are just considering getting certified or you have already started or even if you are 2 days away from the exam the Study Group will help you save time and effort.
Tuesday: March 7 - 5PM UK - Topic: Change Management
Wednesday: Mar 8 - 5PM UK - Topic: Heart of the project Scope Management & Scope Baseline
The two buttons will take you to the scheduled LinkedIn events.
I LOVE PMP and here is Why?
Project Management Office is the value generator maschine, here are 3 key reasons:
1. Communication - They are the bridge between Project Managers and Executive Management
2. Learning/Knowledge - They are drivers of Project Guidelines/Best Practices and Delivery Efficiency
3. Benefit realization - Helping the organizations to realize the Project Values
Plus one
Strategic alignment
PMO will understand the linkages and dependencies between various projects in the portfolio.
So, Huge Respect to PMO
Thank you for everything you do for our projects
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