Empower your business with blockchain solutions. Unlock new opportunities with our expert blockchain developers.
Streamline your supply chain with custom software solutions. Optimize processes and boost efficiency with our professional dev team.
Unleash the power of innovation in healthcare! Our custom software solutions bring improved patient outcomes and streamlined processes.
Transform finance with our fintech development services. Drive growth, improve efficiency and boost performance for your financial services.
We develop software that covers multiple platforms—web, Android/iOS, smart TV, wearables, IoT.
Umbraco is an open-source CMS platform for publishing and managing website or intranet content.
Flutter is Google’s UI software development kit for building natively compiled mobile, desktop & web apps.
Python is a general-purpose programming language for crafting desktop & web apps.
PHP is a general-purpose scripting language suited to dynamic web pages.
TypeScript is a programming language designed by Microsoft covering both client-side and server-side development.
Vetted Blockchain Developers From OpenGeeksLab
We believe that IT is about the team, about ideas, about the talent to see the world a whole lot differently. About constant discoveries. And, first of all, about people. Therefore, we offer you business opportunities where others see obstacles to bring the most courageous dreams of yours into reality.
Current job openings.
References from our clients.
Detailed profiles of the Geeks.
Get to know our company’s mission, vision, and values.
OpenGeeksLab believes that overall success depends on each team member.
See our go-to-market playbook on how we transform your idea into a functioning and reliable tool to achieve targets set
Business entity general information
To come up with a realistic project estimation is one of the major headaches almost every project manager faces. Although there are many tips on how to get an accurate project estimation, this process is still a guesswork.
Most projects fail because of poor estimation. There are several reasons for this.
Estimations based on actual data from people who have successfully run similar projects in the past are more reliable than estimations from self-proclaimed experts who haven’t actually performed similar projects themselves.
This becomes a problem when a project estimation is represented by one figure. Estimation can’t be accurate in the planning stage, so the figures should be given in ranges—from the lowest to the highest.
In fact, every estimation should be done by people who actually do the work. If someone else outside a project team creates a predetermined timeline, that is bad for a project success.
Have you ever looked at an estimation and wondered where it came from? That is the type of estimation we are talking about here. It is absolutely unjustified and looks as if it came out of nowhere.
If an estimation doesn’t take into account the team members’ involvement in the project, well-developed communication, and coordination, crucial errors occur that may cause a project failure.
Identifying the reasons why a project can go wrong helps to find ways to prevent a failure. The three-point estimation technique, or PERT—Program (Project) Evaluation and Review Technique, is considered a worthy estimation tool that helps a product manager to take some proactive decisions.
The three-point estimation technique is called so basically because your team members need to write down realistic, pessimistic, and optimistic amount of time and work needed to deliver their part of the project. A product manager needs this data to create the final project estimation.
The process is fairly simple. Now let’s consider some steps.
Work individually with each member of a project team to identify all the negative (bad) and positive risks associated with their tasks.
Ask them to do three estimates:
Pessimistic (P). It is the average time needed to complete the task in the worst scenario considering all the problems that might occur.
Optimistic (O). It is the average time needed to complete the task in the best scenario and as soon as possible.
Realistic (R). It is also called the most likely estimate. It is the average time needed to finish the task considering the expertise. It’s a cross between the best and the worst scenarios.
Here you need to do some simple mathematical calculations:
Mean Time = (O + 4R + P) ÷ 6
Standard Deviation = (Р – О)/6
Mean Optimistic Time = Mean Time – Standard Deviation
Mean Pessimistic Time = Mean Time + Standard Deviation
Keep in mind that Mean Pessimistic Time is an indicator you need to pay attention to when creating a final estimation.
The bad news is that it is not 100% accurate, but the good news is that it is close enough to 100%. If the three-point estimation is done correctly, the project is halfway to success. And what are your favorite estimation techniques? Write them in the comments.
Need to start a project?
How is real estate app development helping the...
Find innovative tech trends for 2023 to shape...
On-demand delivery is one of the fastest-growing industries...
Like everything in the world, business tends to...
Hiring app developers perfect for your project won’t...
If you seek an industry that functions as...
Most businesses today deal with high-stakes data that...
Innovations are changing everything around us, and blockchain...
2021 has been pivotal for many businesses, but...
What do early-stage startups and independent artists have...
What Will You Get?
We will perform code review best practices, and provide a report with the data, including:
How to effectively pitch your business idea to get funded? Get our Startup Investment Checklist!
Wrong e-mail adress
You name your idea, we bring it to life!
Contact us right away to know how our pros can transform your business with custom software development services.
We’re thrilled to hear from you, and will get back to you ASAP. Have an awesome day!
In the meantime, we want to invite you to follow us on LinkedIn.