From the course: Project Management for Creative Projects
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Using a time estimation formula
From the course: Project Management for Creative Projects
Using a time estimation formula
- If you don't have good historical data, or you just want to get another method for estimating, there is a great formula that's frequently used in project management. It's one O plus four M plus one P divide by six. Now the O stands for optimistic. This is the time estimate that you can get when evaluating the project. And when you ask a creative person or really any person how long they think something is going to take, that tends to be an optimistic number. Most people tend to underestimate, myself included. They don't think through all of the areas that could go wrong, so they give a number that seems likely but is usually optimistic. The next number is most likely, four M. We're going to give this much higher weighting here, and this is how long the project would likely take. You can often get this answer if you ask the creative person, well if you weren't doing the work, how long would it take somebody else to do it?…
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