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Quality of Estimates (Padding estimates, Other (Nonproject) Factors,…
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Types of Estimates
Top-down estimates
Are usually derived from someone who uses experience and/or information to determine the project duration and total cost.
Are sometimes made by top managers who have little knowledge of the processes used to complete the project.
Bottom-up estimates
Can serve as a check on cost elements in the WBS by rolling up the work packages and associated cost accounts to major deliverables at the work package level.
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Time and cost databases
Collection of actual versus estimated times and costs of work packages over many projects that are used for estimating new project tasks and their expected possible error.
White elephant
A burdensome possession which is not easily disposed of and whose cost is out of proportion with its usefulness.