CONFUSION ::: Accuracy of Estimates

Submitted by faisaliiuc on Mon, 02/04/2013 - 16:37
faisaliiuc's picture

Have seen different date in differenet sourse for ACCURACY of ESTIMATES


Rough order of magnitude estimate ROM: this type of estimate is made during initiating process. Typical range is +/-50 percent from actual. in other place, have seen -25% to +75%...

Budget estimate: this type of estimate is made during Planning phase. Typical range is -10 to +25 percent from actual.

Definitive estimate: Later during the project estimates will become more refined, some PMs use the range of -5 to +10 or -/+10.

 

CAN U PLS ProvIDe Me the exact data????

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mkar

Mon, 02/04/2013 - 17:08

Yes, it is very confusing because there are different answers available. The best practice is follow PMBOK.