Estimated time in projects: how to plan for it?

Estimated time in projects is key in assessing a project’s feasibility and success rate.

This estimate must be factored in to guarantee alignment between project goals and business objectives, ensure efficient resource use, set client and team expectations, and mitigate potential risks.

In this article, we take a closer look at how to plan for estimated time in projects.

Planning estimated time in projects: how to do it?

1. Analyze historical data from similar projects

Using documented data from peer projects is key to accurate time estimates. One can start by carefully reviewing projects that reflect the scope and complexity of the current effort.

This data can be supplemented and updated with current trends and challenges in mind. This will allow estimates based on actual performance metrics rather than assumptions.

2. Create a general project scope document

Developing a broad project scope document is imperative for an accurate time estimate. This document must lay out all project deliverables, objectives, and requirements.

Defining the scope helps mitigate the scope creep effect, which can compromise estimates. This document serves as the project baseline, ensuring that each activity is executed clearly and that all team members understand the objectives.

3. Create a task list for the whole project

To do this more easily, you can break your project down into manageable tasks, assigning them priority based on importance and sequence.

At first, you can focus only on the task list without estimating durations to get a clear perspective of the workload, identifying deadlines and critical dependencies. Involving teams in this process can ensure complete coverage of all necessary tasks.

4. Anticipate the history of the project, including dependencies

Having compiled the comprehensive list of activities, you then proceed to predict the project schedule by assigning estimated durations to each activity. By taking into account the dependencies of the activities, the optimal sequence for completing the work can be determined.

This step helps to understand the project’s flow, identify potential bottlenecks, and avoid scheduling conflicts. Accurate forecasting also helps set realistic deadlines and ensures the project’s adherence throughout its life cycle.

5. Study the techniques and trends of project estimation

Keeping abreast of the latest estimating techniques and industry trends by familiarizing yourself with various methods can help you determine the best approach for your project.

There are several commonly used techniques for estimating task duration, each with its unique benefits and applications. Here are the main ones:

· Analogout estimating: It involves comparing the current project with similar ones carried out in the past.

· Parametric estimating: It calculates the duration based on historical data and mathematical relations. For example, if one kilometer of road takes 2 days to complete, 5 kilometers would require 10 days.

· Bottom-up estimating: It involves breaking down the activities into smaller tasks, estimating the duration for each, and then aggregating the results.

· Three-point estimation: It takes three values to estimate the duration. These are:

• best-case estimate
• worst-case estimate
• most-likely estimate

The final estimate is calculated using the formula:

E=O+4M+P6E = \frac{O + 4M + P}{6}E=6O+4M+P

· Monte Carlo method: It involves statistical simulations to estimate the probability of different outcomes based on multiple scenarios.

· Expert estimation: As the name implies, it is based on the experience and knowledge of industry experts.

· Gantt chart and visual methods: It uses visual tools to plan schedules, often coupled with estimation techniques such as those described above.

·  Critical Path Method (CPM): It identifies the critical activities determining the minimum project duration.

These techniques can be combined or adapted according to your project’s specific characteristics, level of uncertainty, and available data.

6. Take into account risks and worst-case scenarios

This means incorporating buffers for risks and potential delays into your time estimates by adding extra time for unforeseen problems and complications.  

It is important to involve your team and stakeholders in the estimation to determine where risks lie. Preparing for worst-case scenarios increases project resilience and ensures that delays do not derail the project schedule.

7. Review your entire project and create a realistic estimate

After all of these elements have been considered, you can finalize the estimated duration and validate it with your team and stakeholders.

In this phase, reviewing the entire project with a special focus on the estimates already made, available resources, and any unforeseen contingencies that could affect the schedule is vital. This review can be beneficial in correcting any discrepancies and aligning on more realistic expectations.

Getting team members involved in this phase is also crucial. Each team member will get firsthand insight into challenges or opportunities that may not be immediately apparent in the initial planning. Openly discussing estimates, risks, and resources needed to complete the project is an opportunity to improve the final estimate and better adapt it to operational endeavors.

Moreover, it is important to maintain a flexible approach. Bottom-up estimating, which involves collecting the time estimate directly from single activities and aggregating it to obtain the overall duration, allows for improved accuracy. This way, potential areas of uncertainty can be identified that may require adjustment during the project life cycle.

Lastly, each activity should be checked against the strategic business objectives and customer priorities. If any changes or modifications in priorities arise, the schedule may need to be revised, and the resources needed to complete the project on schedule must be adjusted. 

Regular review helps ensure that the project remains on the right track and that the estimated time is always consistent with actual developments.

Creating a realistic estimate is not a one-off process, but rather an activity that requires continuous analysis and adaptation to changing circumstances. Through careful planning and constant monitoring, the risk of exceeding the estimated time is minimized, and the likelihood of project success is increased.

How to use Twproject to plan estimated time in projects?

Project management software such as Twproject can simplify and automate the estimating processes we have touched on in this article.

Of several options on the market, Twproject is a great tool for estimating time planning.

More specifically, it employs the functionality of timesheets, or task sheets, to track the time required for each task and then compare this data with initial estimates. 

Timesheets allow the project manager to monitor and manage the time taken to complete each task and quickly identify any discrepancies between the estimated and actual time required.

This helps monitor overall project progress, assess team productivity, and understand the cost of the project.

Furthermore, Twproject allows you to monitor allocated resources, ensuring that each task gets the right level of attention and resources. This makes managing time, planning resources, and assigning tasks to team members easier. 

The software helps track progress in real time, enabling project managers to make prompt changes if necessary and respond quickly to any delays or changes in the project so it can be completed in the required time.

This platform also offers tools for creating customized reports that provide a clear view of the project’s progress, comparing the time required to complete each task with initial projections.

This helps keep projects on schedule and optimize resource management, ensuring that required resources are properly distributed according to project priorities.

Also, by managing dependencies between activities, project scheduling can be optimized, improving the sequence of operations and reducing the risk of bottlenecks. This ensures that each project phase is completed consistently and in a timely manner.

Twproject provides a clear overview of progress through interactive Gantt charts, which provide a visual overview of the project schedule and deadlines.

This makes it easier for the project manager to quickly detect deviations from the original plan and make the necessary corrections to ensure the project is completed on schedule.