Management Bug

An estimate means to guess or calculate the cost, size, value, etc., of something. (1) Unreliability relates to not being trusted or believed. (2) Hence, unreliable estimates are estimates that aren’t trustable or believable.

Unreliable estimates, whether for cost, scope or time, are among the largest reasons why projects don’t deliver their objectives. We’ve all heard of projects that end up going way over their original estimates. It’s a huge source of frustration for stakeholders and project managers alike. It can harm your company’s credibility or even create a sense of distrust among management and project leaders. (3)

During project execution, most of us have dealt with the issue of unreliable estimates. This issue becomes a serious concern. Inaccuracies in project estimation have serious implications for any project. Wrong estimates could lead to: - Seriously dent project margin; - Numerous delays; - Diminished quality of deliverables; - Uncontrolled costs - Reduced customer satisfaction - Project Termination (4)

Estimating isn’t an exact science but using a set of proactive estimating techniques can reduce and mitigate risks, dramatically improve motivation and trust while increasing your project success rate! (5)

Usual Suspects

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Sources…

Since we believe the Management Bugs are common and typical, every description is created and adapted from articles, blog posts, and definitions from other sources and authors:

(1) https://dictionary.cambridge.org/dictionary/english/estimate (2) https://dictionary.cambridge.org/dictionary/english/unreliable (3) https://blog.kintone.com/business-with-heart/blog/why-projects-fail-unreliable-estimates (4) https://milestonetask.com/wrong-cost-estimates-implications/#Wrong_Cost_Estimates_Implications (5) https://www.projectsmart.co.uk/12-tips-for-accurate-project-estimating.php