10.37 Creating an Initial Estimate and Revising Estimates

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An estimate is an imprecise best guess. When an initial plan is put together, you can start with the required tasks for each of the eight phases of the SEP. Then, for each phase, on a task-by-task basis, your team will need to insert all of the known data points to start building an initial estimate. As with any project, the more that is known at the beginning, the better the estimate that can be derived. As the project team learns new data points, the plan should be revised to reflect the new knowledge and the schedule adjusted accordingly. Sometimes this causes the initial schedule to change and deadlines may become compressed or extended.

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