BA Technique #19: Estimation
Determining the effort, time, and resources required to complete a task or project
Hey, my fellow BAs! Welcome back to our awe-inspiring journey through the 50 essential Business Analysis techniques featured in The BABOK Guide v3. The technique of Estimation will empower us to make educated “guesses”, quantify project parameters, and deliver reliable forecasts for successful analysis. Prepare to sharpen your estimation skills and navigate the realm of uncertainty with confidence. Let’s get to the core of it!
What is this technique about?
Estimation is a technique that involves determining the approximate effort, duration, and resources needed to accomplish project activities. It plays a crucial role in planning, budgeting, and decision-making processes. Estimation helps set expectations, manage risks, and ensure project success by providing a realistic assessment of the project's scope and requirements.
How to apply this technique?
To effectively apply Estimation in your business analysis endeavours, consider the following suggested steps:
- Define the Scope — Start by clearly defining the project or initiative to be estimated. Identify the key deliverables, activities, and milestones involved.
- Gather Information — Collect all the relevant information needed for Estimation. This includes project requirements, documentation, and expert opinions. Engage with stakeholders to understand their expectations and gather valuable insights.
- Break Down the Work — Divide the project into smaller, manageable tasks or work packages. Take note of any dependencies and relationships between tasks.
- Determine Estimation Method— Choose the appropriate estimation method based on the initiative's nature and the available data. Some standard methods include Analogous Estimation, Parametric Estimation, and Three-Point Estimation.
- Apply Estimation Method — Use the chosen estimation techniques to estimate each task's effort, duration, and resource requirements. Take into account factors such as complexity, risks, and uncertainties.
- Validate and Refine —…