You need three kinds of estimation. Below are the simplified formulas to estimate the IT project.
Top Methods to Estimate the Software Project
- Most Likely
Details of Methods
- Optimistic estimation(OPE)==> Resource is experienced (worked in the same work earlier) and no uncertainties are expected in the future. Normally this estimation is lesser than all.
- Most likely estimation(MLE)=>There are little uncertainty and future changes in requirements likely to occur. Usually, this estimation is the middle of all.
- Pessimistic estimation(PE)==> Resource is new to this work and a lot of uncertainty, and more future changes are expecting. This estimation is usually greater than all.
So, estimation is needed in all these points keep in mind. And finally, get the average estimate using the below formula:
>>>>Formula: (OPE + 4(MLE) + PE)/6 <<<<<<