L15: Project Estimating & Pricing

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Overview

Project pricing and labor estimating are both an art and a science – there are fundamental principles used for each. The two goals are to be competitively priced to make a sustainable profit, and estimate enough labor hours in the correct categories to accomplish the quality specifications of the deliverables.

Why is this session important?

Many organizaton estimate and price their projects during the Sales cycle, but this information (and the underlying assumptions) are often not shared with Operations – who have to fulfill the awarded project.  Mature companies strive for an “Apples-to-Apples” paradigm throughout the project’s lifecycle:  how we estimate / forecast is how we plan is how we schedule is how we allocate / assign resources is how we track / measure (Status / Progress / Forecast) is how we analyze is how we conduct lessons learned is how we recalibrate our estimates.  The goal is closed-loop with all parties involved in improving the organization’s effectiveness, efficiency, and profitability.