I worked at one of India's top 5 software development companies and learned much about project estimation.
An incorrect estimation could be very costly.
Here’s how we tackled estimates:
1. Bottom-up estimation: In this estimation technique, we broke projects into smaller items using a work breakdown structure (WBR) technique and then estimated each milestone and task.
2. Top-down estimation: We start with high-level (big picture) estimates and then detail them.
3. Three-point estimation: Estimate considering the best and worst cases, then use the average.
4. Expert judgment: get insight from senior developers, team leaders and project managers while estimating for projects.
5. Analogous estimation: We looked at the data from similar projects. Patni had data from over 5000 projects across 18 locations, so we had a lot to compare with!
6. Function point estimation: This was the most intense estimation technique I have ever used.
In this method, you estimate the application by its functionality. You count the number of inputs, outputs, interfaces, and data points. (I oversimplified it)
7. Delphi technique: it is a famous technique in which, various senior developers and project managers do multiple rounds of discussions and refine their estimates.
There are additional estimation methods, but I am listing one I have used or encountered.
Nowadays, my teams use Agile estimation techniques, but those older techniques still help, especially in estimating big projects.
What’s your go-to method for estimating projects?
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