Estimating Resources

Estimating Resources

Project Management
Estimating project resources, such as staff, equipment, software, materials, and even workstations, is crucial in achieving success in your project work. And it can also be the riskiest part of your project work since underestimating the resources you need, more often than not, can translate into schedule delays and going over budget by not having the right resources and/or the sufficient amount. Therefore, it is important to execute this process as efficiently as possible since the resources estimation will set and impact the project’s three key baselines: scope, schedule, and budget. Estimating resources effectively is an art that can be learned with proper training, experience, and available data. However, for new project managers and/or start-ups, the experience and organizational process assets, such as lessons learned, estimates from previous projects, and…
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