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Basics of Estimation and Building a Risk Register in Project Management Office

In: Social Issues

Submitted By balbirahs
Words 1550
Pages 7
Title: Basics of Estimation and Building a Risk Register in Project Management Office
Authors Name: 1. Dr. Balbir Singh 2. Dr. Lakshmi B.
Affiliation: Administrative Staff College of India
Mailing Address:
Mobile: 9059350790

Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy.

Basics of Estimation and Building a Risk Register in Project Management Office

Analysis of measurement data from multiple projects allows the organization to formulate new estimating models and also to set certain benchmarks. Hence it is important to make measurement an integral part of the estimating process. Later, when we get ready to identify a risk, one thing that we must ask our self is what could greatly block the team or project from being able to achieve its objectives? When we take the time to figure out what may have an impact on our ability to reach our goals, this will give us the foundation which is necessary to properly construct the risk register.
Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy.

The success of software projects depends largely on the Effort and Cost Estimation. Consequentially, a lot of work is done proposing good estimation procedure but without any convincing results. In this article we will see some ways on improving the accuracy of estimation.

What are estimates?
The word “estimate” is to produce a statement of the approximate value of some quantity. Note the word approximate. None of the estimates can be accurate because the initial estimation is based on the incomplete knowledge about the future. Hence, we should always ask ourselves “How close are we to the reality?”

Why software is difficult to estimate?
Software product differs in important ways from most other products. Unlike a construction of a building, software is composed of many...

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