You can use estimation tools to calculate the amount of time and effort required to complete a project. Assuming that time and effort are major factors in the cost of a project, you can use estimates to decide to pursue a project. In the IT portfolio management workspace, you can integrate with estimation tools.
With estimation tools, you can create a probability distribution. For example, there is a 20% chance that the project will take 14 months or less, but there is a 90% chance that it will be done within 32 months. Estimation tools can also provide multiple estimates based on peak team size. For example, if a certain number of people work on the project, how long it will take to complete? If a specified number of people are added, how will the schedule change?
By using the estimation tools, the Steering Committee can better understand the cost of the project and the uncertainty associated with the cost. The relationship between team size and duration is not simple; doubling the team size does not halve the duration. You can use the estimation tools to make multiple estimates that are difficult to compute manually. The estimation tools transfer multiple estimates for a given project into the Probability matrixes in the workspace. Each estimate is a probability distribution of duration, labor cost, and peak staffing.
If a customer uses the estimation tools for their project estimations, the hidden attributes in the IT portfolio management workspace must be made visible. The attributes are in the Initial Estimations section of the Projects module:
▪ Probability of Duration (months) (Matrix)
▪ Probability of Labor Cost (Matrix)
▪ Probability of Peak Staffing (Matrix)
▪ Estimate Detail (URL)
▪ Needed Certainty (Integer)
To use the extra estimation attributes:
1 Include the attributes in project views and workflow.
2 Use the same setup for views and workflow as for the existing estimation attributes.
3 Set the appropriate aliases for the attributes and use them when you integrate through the Focal Point Web Services API.
Estimation suites
You can use an estimation suite to add estimation capabilities to the IT portfolio management workspace.The estimation suite can be used by various roles:
▪ the Proposal Owner, when they create business cases
▪ the Steering Committee, when they prioritize and approve proposals
▪ the PMO, when they pre-plan the project.
With the estimation suite integration, you can complete these tasks:
▪ Create a detailed estimate as part of a business plan by using the input from Focal Point: Constraints on schedule and cost from the Initial Estimate attributes, and business needs that indicate the scope and size of the project
▪ Include multiple estimates in business cases, which the Steering Committee can use to assess the feasibility of the project for prioritization and approval. These estimates can be used to assess tradeoffs of schedule, cost, and quality levels, and the risk and uncertainty associated with those tradeoffs.
▪ When the PMO completes the pre-plan for an approved project, depending on the estimate, you can view schedule information and the number of the resources needed by type.
For more details, see the documentation for your estimation suite.