Mastering Project Planning: Effective Time and Resource Estimation Techniques

Resources form the heart of a project and the success is driven by the people behind it.

Allocating time for resources doesn’t have to be stressful if you have a carefully planned approach also having the scope to tweak it throughout the project . Not every technique you come across on the internet will work because every project is unique, as are the resources working on it.

Let's be real, that resource estimation sheet you made for your project gets updated over and over again.

My Experience: What I Bring to the Table

Here are some key techniques I've applied across my experience:

1. Expert Judgment: Experienced team members, experts in the field can greatly help estimate time and resources based on similar past projects. In my recent experience, I reported directly to the Director of Technology, whose expertise I always relied on. Before approaching him, I prepared a rough estimate and a reason to back up my numbers for discussion.

   • Gather a team of experienced professionals

   • Ask them to estimate the value of each variable.

2. Historical Data Estimation: Data from previous projects with similar templates can be used for estimation. This approach is useful when detailed information is lacking. For example, assessment projects could follow the same strategy or have similar tasks, making it helpful to refer to previous projects.

   • Collect and analyse past data on the resources required for each task.

   • Use the data to develop a projection for the future. Remember, this is only a reference and cannot be completely accurate.

3. Bottom-Up Estimation: This approach breaks a project into smaller tasks, estimating time and resources for each. It is detailed and accurate, making it ideal for smaller projects where you can use your scope of work document to identify and estimate tasks without being overwhelmed.

   • Estimate the resources for each task.

   • Combine them for a final estimate.

4. Estimating with Parameters: Use simple math to estimate project time and resources. For example, if a task takes X hours per unit, and you need to do Y units, the total time is X * Y.

   • The final estimate (in ManDays) can be used to guide spending to take to stakeholders.

Resource Planning with an Example:

Here is a Resource Estimation and Pricing Calculation of how I would do it.

Resource Estimation

Pricing Calculation

*Qty is derived from the Total Effort (in Mandays)

Key Considerations for Effective Resource Planning

1. Utilise Proof of Concept (POC) Results - If you have already run a proof of concept for a project (POC Scope), the tasks and resource estimates can be used to form the full scope of the project. This helps save time.

2. Take note of the Assumptions and Dependencies when it comes to estimation.

   • Break down each requirement into parent-child tasks across various stages.

   • Critical Path Identification - Identify the longest sequence of tasks that must be completed on time for the project to meet its deadline. This will help focus time and resources on critical tasks to avoid project delays.

3. Always have a contingency plan in place having access to backup resources, in case a resource is unavailable.

4. Keep things clear with resources working on the project, be ready for unexpected stuff, and handle the backup plan like magic!

5. Ensure sufficient time is allocated for project management, documentation, and finalisation tasks like verification and sign-off. These tasks are often standardised without adequate consideration.

   
   

Final Thoughts

The key takeaway here is to prioritize tasks, optimize resource use, and plan for contingencies. Coupled with clear communication and flexibility, this allows you to adapt to changes as a project manager, achieving the best outcomes with the resources available.