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Project estimating plays a vital role in project management. Typically completed in the initial planning stages, accurate project estimation can be a difficult task. Organizations and project managers should use these initial estimates to baseline the project schedule and cost, then refine these estimates as the project develops. Accurate estimation and refinement of the estimates leads to better and earlier decision making, thus maximizing value. Developed within the framework of A Guide to the Project Management Body of Knowledge (PMBOK Guide) Sixth Edition and other PMI standards, the Practice Standard for Project Estimating Second Edition focuses on providing models for the project management profession in both plandriven and changedriven adaptive (agile) life cycles. This practice standard describes the aspects of project estimating that are recognized as good practice on most projects most of the time and that are widely recognized and consistently applied. PMI practice standards describe processes, activities, constraints, inputs, and outputs for specific discipline subject areas and are targeted to all practitioners within projectized organizations, not just project managers.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer,
birth defects, or other reproductive harm.
I appreciate the update in this second edition, but I was hoping for more real-world case studies. It covers the basics well, but I felt like it skimmed over some advanced techniques. Still a solid read for beginners, though!
C
Carlos Ramirez
Decent Reference, But Minor Issues
While the guide is informative, I had some trouble with the organization. Certain sections felt a bit scattered, and it took longer to find specific info than I’d hoped. Still, it covers key concepts that are valuable for anyone in estimating.
S
Samantha Lee
Not as Good as I Expected
Honestly, I expected more from the second edition. Some parts felt outdated and it didn’t address some new trends in cost estimating. It’s alright, but I wouldn’t say it’s essential. After reading, I wished I had chosen a different resource.
L
Linda Tran
Useful for Project Managers Too
I bought this book for my team of estimators, but I've found it quite useful in my role as a project manager. The insights into cost estimation are really helpful. It's clear and straightforward, making it easier for us to align our budgets with project timelines.
E
Emily Johnson
A Must-Have Resource for Estimators
This second edition of the standard for project estimating is really detailed and easy to understand. As someone who's been estimating projects for a few years, I've found it to be a valuable reference guide. The examples are super relevant and help clarify complex topics.
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