5-1 Discussion: Reducing Estimating Errors
On pages 138 and 139 of Project Management: The Managerial Process, there is information about reducing estimating errors. Review the information contained there. For this discussion, you will use the following six strategies below to minimize errors:
Identify all stakeholders
Involve the stakeholders when creating the estimates
Aggregate the estimate by comparing several models
Manage the project against the estimates
Track projects closely
Track actual costs and times at a granular level
Imagine you are the project manager of the project described in the Medical Informatics case study (provided for your final project). Choose one of the strategies described above, and discuss how you would employ this strategy as the project manager. How would using this strategy increase the chances of a successful outcome in this particular case?
Expert Solution Preview
Introduction:
As a medical professor in charge of creating college assignments and answers for medical college students, it is important to incorporate relevant information in the curriculum. This discussion focuses on reducing estimating errors in project management. The aim of this discussion is to evaluate the strategies that can be used to minimize errors when creating estimates. Additionally, we examine how these strategies can enhance the success of a project, using the Medical Informatics case study, which is provided as a reference.
Answer:
The use of stakeholders when creating estimates is a critical component of reducing estimating errors. As the project manager of the Medical Informatics case study, it is important to identify all stakeholders who are involved in the project. By involving stakeholders in the estimation process, the understanding of project requirements and deliverables is enhanced, making it easier to create an accurate estimate.
When estimating project costs and timelines, involving stakeholders allows for a collaborative effort where different perspectives are considered. The project manager and team members get an opportunity to ask questions and clarify any uncertainties. Stakeholders also provide input on potential risks and constraints that may impact the project, enabling the project manager to consider a more comprehensive range of factors when calculating estimates.
Using this strategy increases the chances of a successful outcome in the Medical Informatics case study by ensuring there is a shared understanding of project goals, deliverables, and constraints. The use of stakeholders when creating estimates can also lead to more realistic timelines and budgets, thereby avoiding missed milestones or budget overruns. Ultimately, involving stakeholders when creating estimates helps to build more robust project plans, enhances communication, and increases stakeholder buy-in, which contributes to project success.
Expert Solution Preview
Introduction:
As a professor responsible for conducting lectures, evaluating student performance, and providing feedback through examinations and assignments at Harvard University, it is essential to delve into various aspects of project management. In this discussion, we will focus on minimizing estimating errors in project management. The goal of this discussion is to review strategies that can assist in reducing errors during the estimation process and how these strategies can be applied to enhance the success of a project. We will use the Medical Informatics case study to explore one of the strategies mentioned and how it can benefit the project.
Answer:
The use of stakeholders when creating estimates is a pivotal aspect of reducing estimating errors in project management. As the project manager of the Medical Informatics case study, it is crucial to involve all stakeholders who will be affected by the project. By involving stakeholders in the estimation process, it enables them to understand the project’s requirements and deliverables, and this makes it easier to create an accurate estimate.
In addition, involving stakeholders during the estimation process allows for a collaborative effort where various perspectives are considered. The project manager and the team members have an opportunity to ask questions, clarify uncertainties, and obtain input on potential risks and constraints that may impact the project. This enables the project manager to consider a more comprehensive range of factors during the estimation process.
The use of stakeholders when creating estimates enhances the chances of a successful outcome in the Medical Informatics case study by developing a shared understanding of project goals, deliverables, and constraints. It can also lead to more realistic timelines and budgets, avoiding missed milestones or budget overruns. Ultimately, involving stakeholders when creating estimates helps to build more robust project plans, enhances communication, and increases stakeholder buy-in, which contributes to project success.
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