Episode 195 – Estimate This: Managing Project Estimation

The podcast by project managers for project managers. We are taking a fresh look at project estimation. Topics include the estimation obstacles project managers commonly face, key factors essential for accurate projections, the impact of organizational culture, implementing cost management strategies, and navigating the risks of underestimating or overestimating project estimates. Table of Contents 02:10 … Project Estimating Course03:56 … What do We Estimate?04:46 … Factors in a Project Estimate06:26 … Ensuring Accurate Estimates08:30 … Experience and Experiment10:26 … Choosing the Best Approach11:41 … Estimating Tools12:38 … The Problem with Culture14:27 … Who Participates in the Estimating Process?15:55 … The People Side17:31 … Significance of Historical Information20:16 … Managing Costs22:17 … Underestimating your Project Estimates23:44 … The Issue of Risk Management25:26 … Dangers of Overestimating27:56 … How to Combat Overestimating29:03 … Implementing an Estimating Process33:54 … Closing BOB MAHLER:  ...every time you sign your name on the dotted line, your credibility as a project manager is going to be in question and scrutinized.  And the larger the project, the more visible, the more scrutiny you’re going to have.  You should welcome that, and you should rise to that challenge. WENDY GROUNDS:  Welcome to Manage This, the podcast by project managers for project managers.  I am Wendy Grounds, and with me in the studio is Bill Yates and our sound guy, Danny Brewer.  We’re so happy you’re joining us today because today we’re going to dive into the world of project estimation.  We’re going to discover the essential elements that demand estimation and the crucial factors driving accurate projections.  With our guests, we’re going to navigate the landscape of estimation tools and strategies as we discover a seamless approach for crafting dependable estimates. Now, the experts we’re going to talk to on project estimating are Ren Love and Bob Mahler.  You all know Ren.  She is part of our Velociteach team.  She also does our Projects from the Past snippets that we sometimes include in our podcasts.  And she is the manager of curriculum development at Velociteach.  She’s also worked in zoos, science centers, and Disney’s Animal Kingdom before she joined one of the Big Four accounting firms; and she has 10 years of unique management experiences.  We’re so glad to have Ren on the team.  BILL YATES:  Now let me tell you just a bit about Bob Mahler. WENDY GROUNDS:  Yeah, it’s been a while since we’ve talked to Bob. BILL YATES:  Yeah, Bob started his career with Velociteach similar to what I did, as an instructor.  So he taught for a number of years.  And then he migrated into sales, a natural role for him.  He’s director of business development with Velociteach now.  His background, he started out with the military.  As a matter of fact, he served our country as a Green Beret through the U.S. Army; served in Egypt, Kenya, Qatar, Saudi Arabia, many places.  After 12 years of service with the military, he moved back into the private sector and was a telecommunications specialist there.  Project Estimating Course WENDY GROUNDS:  Bob and Ren have developed a project estimating course which you can find on our website. This is an instructor-led course for group or corporate training. This course will teach students the most common and effective practices, tools and techniques for project estimating. You can email [email protected] if you would like more information or you can find a link to this course on our transcript. WENDY GROUNDS:  Ren and Bob, it’s so good to have you both back on the podcast.  I wanted to ask you a little bit about the course.  You developed a course for Velociteach on project estimating.  Can you give us some background to that? BOB MAHLER:  Well, of course.  First and foremost, it’s always a pleasure to be here with the Velociteach team, my home, my family,