Advanced Project Estimation & Risk Management

This 2-day advanced project estimating workshop is highly interactive and practical. It is supported by a number of examples and a comprehensive hands-on exercise that is used as the fil-rouge throughout the workshop.

Customers want the most accurate estimates. When they get them, they do not accept them.

Estimating is one of the most bespoke topics in project management. Accurate estimating is a technique. Having the estimate accepted by the steering committee is an art. Only the most mature companies are ready to accept the most accurate estimates.

In this course we provide practical techniques to define the most accurate estimates. Estimating always starts with defining the project scope. The better the scope is defined the more accurate the estimates will be. However, no matter how well the scope is defined, there will always be uncertainty in the estimates. Therefore, estimating is a probabilistic process; there is no one right estimate. Some outcomes are more likely to occur than others. We will explain how to determine the level of confidence of a project estimate. Besides uncertainties, there are also unforeseen events that may impact the outcome of a project. The impact of these so called project risks can be quantified in order to calculate the management reserve that is required for a project. 

Course topics

  • Overview of the estimating process
  • Scoping – product based planning
  • Scheduling overview (incl. critical path)
  • Dealing with uncertainty – probabilistic estimating
  • Foresee the unforeseen – quantitative risk management
  • Validation of the plan – integrated baseline review
  • Effective reporting – regular progress and exception reporting
  • Closing exercise – perform the project and handle deviations from the plan

Participants will have the opportunity to apply immediately the learned concepts and techniques on the “B.Est” case study. This hands-on case study will be used as the common thread throughout the workshop.

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