In a short response, describe the advantages and disadvantages for each of the five techniques. Include an example of when it is appropriate to use each technique.
// Estimating duration technique of project helps the manager to anticipate the work and time schedule required to complete the project and reduce the risk and uncertainty of future. In this solution, five duration estimation techniques will be explained. It will also contain the advantages, disadvantages and application of each technique.//
Every project manager draws a framework regarding the estimation of project's success by keeping important areas in mind like, scope of the project, time required to complete the project, and cost of the project. Estimation of anything related to the project is an ongoing process and keeps on changing over the time when required to complete the project. Project estimation technique is an activity, which guides the project managers and his team members to reduce uncertainty and risk that may arise in future. This technique even helps in developing contingency plans to solve the problems in completing the project on time (Markgraf, 2012).
There are various approaches to estimate the duration in project management. These are Stochastic Approach, Deterministic approach, Modular technique, Benchmark job technique and Parametric Technique. Further, we would look at advantages and disadvantages of all these approaches (Sommers, 2012).
The main advantage of using Stochastic approach in project management is assumed when managers feel overburdened in the estimation of the duration or cost phases of the project. The stochastic analysis, in a project, can estimate the completion date with the help of either PERT, CPM or combination of methods. A project team can either use the ‘bottom up’ or ‘top down’ technique. The approach can also help a project team in determining chances that the project is supposed to be completed in due course of time.
The disadvantage of Stochastic approach is that it requires a lot of time and work. Even in ...
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