For every project

For every project, in order to determine some factors like when a project will end and how much it will cost etc, here Project estimation techniques plays a vital role. For this Project managers have to use different estimation techniques to get good information and provide the same for the employees who are in decision making. The estimation techniques discussed in this case study are as follows:
1. Three-Point Technique: In this technique three values are considered based on the project as optimistic estimate(denoted as O), pessimistic estimate(denoted as P) and most likely estimate(denoted as M). This can be done by using a equation as (O + 4M + P) / 6
2. Analogy Estimate: This estimation technique is one of the most common and one of the easy techniques which is used very often in the Projects. Here it uses the previous experiences and compares and then uses them on the current project.
Each and every estimation technique has its own specialities and strategies. They are built upon some specific rules. It is very unlikely to decide and assess which technique is better. So its better to consider an estimation technique which suits to the project. As a Project manager, I would consider the estimation technique that suits to the project in all aspects. In this context I would go for Analogous estimation technique because it gives versatile quality and is very easy which is near to the real time scenarios which in turn desired results will be achieved at the end.

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