What is the best way to estimate the cost and effort of technical tasks?

Break down tasks into smaller, manageable units for more accurate estimation. Leverage historical data and past project insights to inform your estimations. Collaborate with technical experts to gain insights into potential challenges and complexities. Consider using estimation techniques like PERT or Three-Point Estimation for a more refined approach. Regularly review and adjust estimates based on project progress and evolving requirements. By combining expertise, data, and adaptive methodologies, you enhance the precision of your technical task estimations.

Descomposição granular das tarefas: Destrinchar as tarefas em etapas discretas e bem definidas, mapeando com minúcia todos os componentes e atividades indispensáveis à sua finalização. Delinear de forma clara e inequívoca as entregáveis de cada etapa, incluindo documentos, funcionalidades, testes e demais resultados esperados. Realizar uma estimativa individualizada do tempo, esforço e custo de cada etapa minuciosamente decomposta, levando em consideração os recursos e habilidades possíveis para sua execução.

Estimating the cost and effort of technical tasks requires a thorough understanding of the project scope, requirements, and the specific skills and resources needed. It's essential to break down tasks into smaller, more manageable components and analyze past project data, considering factors like complexity, dependencies, and potential risks. Collaboration with technical experts and stakeholders can provide valuable insights and ensure a comprehensive assessment. Additionally, using estimation techniques such as analogous estimation, expert judgment, and parametric modeling can help in making accurate predictions.

Los workpackages pueden ayudarte a realizar estimación de costos de proyectos de forma precisa. Al desglosar el proyecto en entregables y descomponer luego en componentes más pequeños y manejables, los project managers pueden asignar recursos, tiempo y presupuesto con mayor precisión.

Según mi experiencia, al momento de estimar costos y esfuerzo, es de vital importancia el poder contar con data histórica. Esto permite no sólo dar mayor grado de confianza al momento de estimar, sino que permite dimensionar coherentemente el proyecto en fases de planificación. Sin embargo, también influye el grado de madurez de la organización y/o equipo de proyecto. No es lo mismo estimar para un proyecto en el que el equipo u organización no tienen experiencia previa relacionada, a estimar en base a 10 proyectos relacionados ejecutados anteriormente. Dadas las estimaciones de costos individuales, realizar una estimación ascendente para estimar el costo del proyecto. En cuánto a esfuerzo, la descomposición del alcance o funcionalidades.

You can use historical data to compare the size, complexity, duration, and cost of your current tasks with those of past ones.

Expert judgment involves consulting with experts or experienced team members to gain their opinions and insights. Analogous estimation uses the cost and effort of similar tasks from previous projects as a basis for current tasks with adjustments for differences.

Una buena práctica es incluir en los presupuestos siempre bolsas de reserva y de contingencia. Especialmente esta última, cuando al identificar el proyectos ya identificas riesgos, es bueno estar preparados por si finalmente se materializan y has de asumir su impacto.

I recommend the following additionally, based on my experience 1. Split the project scope into different packages with well defined interfaces 2. Get budgetary quotes for the different packages from the approved vendors 3. Estimate costs for structural items & piping with fittings based on the BOM 4. Get Construction SOW from the Engineering Manager and get a quote 5. Analyse market conditions and decide allowances for contingencies 6. Get stakeholders approval for the estimate 7. MOC is critical with documentation to comply to the triple constraints

Based on my experience to breakdown the task according to the timeline including 1. Material procurement 2. Man power rate 3. Logistics cost 4. Contingency percentage to be added Moreover, experience is needed to evaluate and add any missing factor could affects on the total cost or affects on the progress of the task.

The best way to estimate cost and effort for technical tasks is through detailed analysis, considering factors like materials, labor, and time. In subsea engineering, estimate costs for offshore wind power by assessing equipment, installation, and maintenance expenses. For grid code compliance studies, factor in research, testing, and implementation costs. In manufacturing, consider material costs, equipment maintenance, and labor expenses. Similarly, for battery energy storage systems, evaluate costs of materials, installation, and ongoing maintenance.

The best way to estimate is by Manhour spent and technical seat cost. After defining scope, discipline split, Manhour time estimate calculate the seat cost - hardware+software. Then add cost for the Manhour time estimate. Some tasks are outsourced - like the lower 15% and higher 15% of the scope. Get outsource cost - either historical or specific quote. Manhour is the unit of estimate

The best way to estimate the cost and effort of technical tasks is through a combination of expert judgment, historical data analysis, and task decomposition. Break down tasks into smaller, more manageable components, allowing for more accurate estimation. Use past project data and benchmarks to inform estimates. Involve relevant team members in estimation discussions to leverage their expertise. Consider potential risks and uncertainties, building in contingency buffers. Regularly review and refine estimates as new information becomes available throughout the project lifecycle.