The process involves estimating the time, expense, and resources needed to execute a project by assessing the currently available data. Project scope, timelines, budgets, and risks are all common components of project estimation. A good estimating procedure may save time, money, and hassle. We revise the estimate as new information becomes available throughout the project. For instance, we adjust the project risk estimations as soon as new risks are identified.

We are always aligned on the Project Management Cycle before beginning any project as each task requires a project estimation. We usually divide the project in five steps – Project Initiation, Project Planning with SMART and CLEAR goals, Project Execution, Project Monitoring and Controlling and Project Closing. By breaking down the project into manageable stages, and assigning deliverables and goals to each, it gives us the upper hand on the quality of the project and offers a good control on the project.