Do you feel "Estimations –You have never done before or you are not aware"? Well the feeling is so very not correct. I think we have been doing estimations since childhood or since we were young. Surprised or hard to believe – Continue reading.
Let me get straight in to the subject. Do you remember your college exam days? What do you think you did for preparing for the exams? Right from syllabus gathering, to allocating time for each subject and finally altering the schedule or even sneaking for a movie, to gather-back your nerve. All these activities were only possible based on the estimates you derived at each stage.
Let us investigate a bit more in detail and try to correlate with business world.
Planning estimate (GUESSTIMATES): As the exam dates are announced we used to start gathering the syllabus and notes for each subject. Based on the difficulty of the subject (I felt most of the subjects as difficult) and the syllabus I would guess the time I might need to prepare.
Well this is guesstimate, a rough approximation of cost or time within a reasonable range of values, prepared for information purposes only. It is also called ball park estimate.
Budget estimate (TSHIRT SIZING): Since I use to bunk most of the lectures it was more prominent exercise for me, and I remember that I would spend atleast a week or two to gather all the notes, relevant material. Once I had the information I would again try to judge based on my awareness for each subject for each chapter/lesson, thus derieve the difficulty level. Now with this enlightenment I would be in a position to calculate slightly more accurate time I might need to spend for each subject.
Well I completed t-shirt sizing; an approximation based on well-defined (but preliminary) data and established ground rules.
Firm estimates (ESTIMATES): Now I would try to browse through the various lessons for each subject. I would speak to the seniors or other members and try to understand from exam perspective what is important, what is likely to come and what is not. Based on the gathered information and my comfort, now I would try to figure out what are the lessons that I am going to omit or skip, which lessons I would attempt if time permits and which lessons are important,carry more weightage in the exams, and thus cannot be skipped. Now I have exactly decided what all I am going to focus on and thus I have a better understanding of time I might need to knock out each subject.
Well this is firm estimates, a figure based on solid data for committing myself to or entering into a binding contract.
Finally I used to prioritize and decide on the sequence or order of subjects I would prepare, when to start which lesson or even chose the best time (late night or early morning). I would also decide which subject or lessons should be completed in group and which should be tackled alone. Well my estimates are ready and I am all set for the EXECUTION PHASE!
Apart from the above there is one more type of estimation namely the High and Low estimates or Best and Worst case estimates. This is especially used for budgeting purposes or when we have to provide some range of approximation. This is like saying 'I will reach the destination in 15 to 20 minutes', typically giving the best case and worst case scenario. Such methods are often used in product or solution estimation or where external factors/dependencies are involved or for R&D related actvities where the time for achieving the end result cannot be predicted accurately.
In business world: Effort estimates are the basis for project budgeting and planning. Poor budgeting and planning often has dramatic consequences and we have got our lessons, seen turbulent or surprisng end (exam) results, right from college days. When budgets and plans are too pessimistic, business opportunities can be lost, while over-optimism may be followed by significant losses.
So estimates are nothing but a tentative evaluation or rough calculation, of cost, quantity, time or size on the basis of available information. It is a statement of the approximate cost of work to be done, such as a project or car repairs. A judgment based on one's impressions; an opinion.
In software world there are different techniques used to derive estimates namely LOC (Lines of code) or FP (Function point) analysis. Some buffering techniques are also used known as risk mitigation. There may be other variations used to try to bring in more accuracy.
Well these are just techniques, the basics still remains the same which we know since childhood.
So start enjoying your piece of cake!
If you still have doubts/question/queries feel free to revert back.
Let me get straight in to the subject. Do you remember your college exam days? What do you think you did for preparing for the exams? Right from syllabus gathering, to allocating time for each subject and finally altering the schedule or even sneaking for a movie, to gather-back your nerve. All these activities were only possible based on the estimates you derived at each stage.
Let us investigate a bit more in detail and try to correlate with business world.
Planning estimate (GUESSTIMATES): As the exam dates are announced we used to start gathering the syllabus and notes for each subject. Based on the difficulty of the subject (I felt most of the subjects as difficult) and the syllabus I would guess the time I might need to prepare.
Well this is guesstimate, a rough approximation of cost or time within a reasonable range of values, prepared for information purposes only. It is also called ball park estimate.
Budget estimate (TSHIRT SIZING): Since I use to bunk most of the lectures it was more prominent exercise for me, and I remember that I would spend atleast a week or two to gather all the notes, relevant material. Once I had the information I would again try to judge based on my awareness for each subject for each chapter/lesson, thus derieve the difficulty level. Now with this enlightenment I would be in a position to calculate slightly more accurate time I might need to spend for each subject.
Well I completed t-shirt sizing; an approximation based on well-defined (but preliminary) data and established ground rules.
Firm estimates (ESTIMATES): Now I would try to browse through the various lessons for each subject. I would speak to the seniors or other members and try to understand from exam perspective what is important, what is likely to come and what is not. Based on the gathered information and my comfort, now I would try to figure out what are the lessons that I am going to omit or skip, which lessons I would attempt if time permits and which lessons are important,carry more weightage in the exams, and thus cannot be skipped. Now I have exactly decided what all I am going to focus on and thus I have a better understanding of time I might need to knock out each subject.
Well this is firm estimates, a figure based on solid data for committing myself to or entering into a binding contract.
Finally I used to prioritize and decide on the sequence or order of subjects I would prepare, when to start which lesson or even chose the best time (late night or early morning). I would also decide which subject or lessons should be completed in group and which should be tackled alone. Well my estimates are ready and I am all set for the EXECUTION PHASE!
Apart from the above there is one more type of estimation namely the High and Low estimates or Best and Worst case estimates. This is especially used for budgeting purposes or when we have to provide some range of approximation. This is like saying 'I will reach the destination in 15 to 20 minutes', typically giving the best case and worst case scenario. Such methods are often used in product or solution estimation or where external factors/dependencies are involved or for R&D related actvities where the time for achieving the end result cannot be predicted accurately.
In business world: Effort estimates are the basis for project budgeting and planning. Poor budgeting and planning often has dramatic consequences and we have got our lessons, seen turbulent or surprisng end (exam) results, right from college days. When budgets and plans are too pessimistic, business opportunities can be lost, while over-optimism may be followed by significant losses.
So estimates are nothing but a tentative evaluation or rough calculation, of cost, quantity, time or size on the basis of available information. It is a statement of the approximate cost of work to be done, such as a project or car repairs. A judgment based on one's impressions; an opinion.
In software world there are different techniques used to derive estimates namely LOC (Lines of code) or FP (Function point) analysis. Some buffering techniques are also used known as risk mitigation. There may be other variations used to try to bring in more accuracy.
Well these are just techniques, the basics still remains the same which we know since childhood.
So start enjoying your piece of cake!
If you still have doubts/question/queries feel free to revert back.
This is really helpful for those who find giving estimates difficult.
ReplyDeleteAlso there are few who always complain about the estimates given by their seniors, labeling them as unrealistic.
Maybe the parallels drawn here with the help of real life examples will really help people understand how it is really done and how it should be done.
Yes, Most of times, most of things are really simple, it is just that we feel otherwise because of misconceptions or perceived notions or we forget.
ReplyDeleteIt is all in the mind...