Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 1 00:00:01,369 --> 00:00:03,158 What can you do to handle concerns 2 2 00:00:03,158 --> 00:00:06,712 about significant estimating error? 3 3 00:00:06,712 --> 00:00:10,113 Of course, start by implementing the best practices 4 4 00:00:10,113 --> 00:00:12,550 to minimize the problem. 5 5 00:00:12,550 --> 00:00:15,165 Have the person who will do the job in execution, 6 6 00:00:15,165 --> 00:00:16,718 define the deliverables 7 7 00:00:16,718 --> 00:00:19,048 and perform the estimating during planning, 8 8 00:00:19,048 --> 00:00:20,291 so they will feel responsible 9 9 00:00:20,291 --> 00:00:23,631 for producing the most accurate result. 10 10 00:00:23,631 --> 00:00:26,157 And have the owner provide an activity breakdown 11 11 00:00:26,157 --> 00:00:27,322 for each deliverable, 12 12 00:00:27,322 --> 00:00:29,119 so they can think through the detail 13 13 00:00:29,119 --> 00:00:32,160 and provide the most realistic results. 14 14 00:00:32,160 --> 00:00:34,325 You're not going to micromanage that activity breakdown. 15 15 00:00:34,325 --> 00:00:36,091 You just need to have an estimate 16 16 00:00:36,091 --> 00:00:39,094 that's been thought through. 17 17 00:00:39,094 --> 00:00:43,189 However, what can you do if that doesn't happen 18 18 00:00:43,189 --> 00:00:45,368 for reasons outside your control 19 19 00:00:45,368 --> 00:00:47,436 or some team members are junior 20 20 00:00:47,436 --> 00:00:49,639 or have not done this kind of work before 21 21 00:00:49,639 --> 00:00:51,370 or you have other reasons to be concerned the estimates 22 22 00:00:51,370 --> 00:00:54,037 could be significantly in error? 23 23 00:00:55,335 --> 00:00:57,013 A couple things. 24 24 00:00:57,013 --> 00:00:58,966 First, you can check the estimates by trying 25 25 00:00:58,966 --> 00:01:01,229 to find an independent comparison, 26 26 00:01:01,229 --> 00:01:03,938 such as a standard industry metric 27 27 00:01:03,938 --> 00:01:06,521 or results from a past project. 28 28 00:01:07,503 --> 00:01:11,863 Second, you can obtain one to three independent estimates 29 29 00:01:11,863 --> 00:01:13,549 from other parties, 30 30 00:01:13,549 --> 00:01:15,512 preferably from a different department, group, 31 31 00:01:15,512 --> 00:01:18,230 or contractor to ensure objectivity. 32 32 00:01:18,230 --> 00:01:21,033 Sometimes this is called ICEing an estimate, 33 33 00:01:21,033 --> 00:01:24,080 finding an Independent Cost Estimate. 34 34 00:01:24,080 --> 00:01:26,667 Be warned, however, that the independent estimators are 35 35 00:01:26,667 --> 00:01:29,661 usually motivated to provide a larger estimate, 36 36 00:01:29,661 --> 00:01:31,549 to show that they are more accurate 37 37 00:01:31,549 --> 00:01:33,882 than the original estimator. 38 38 00:01:34,877 --> 00:01:37,268 And then, if you are still concerned 39 39 00:01:37,268 --> 00:01:38,778 the estimate is too low, 40 40 00:01:38,778 --> 00:01:42,138 the risk budget is your last resort safety net 41 41 00:01:42,138 --> 00:01:44,962 and can be used to acknowledge the estimating problem. 42 42 00:01:44,962 --> 00:01:48,210 You can always add a line to the risk register called 43 43 00:01:48,210 --> 00:01:50,957 something like Estimating uncertainty 44 44 00:01:50,957 --> 00:01:54,595 and Delphi an appropriate probability, time and cost 45 45 00:01:54,595 --> 00:01:57,500 to cover the estimating shortfalls. 46 46 00:01:57,500 --> 00:02:00,617 This should only be one line on the risk register. 47 47 00:02:00,617 --> 00:02:03,044 And once this time and cost reserve is used up, 48 48 00:02:03,044 --> 00:02:04,407 you should not start dipping 49 49 00:02:04,407 --> 00:02:06,302 into the rest of the risk budget 50 50 00:02:06,302 --> 00:02:08,146 which is set aside for other specific things 51 51 00:02:08,146 --> 00:02:09,478 that can cause problems, 52 52 00:02:09,478 --> 00:02:12,614 but at least you have set aside some time and cost 53 53 00:02:12,614 --> 00:02:15,364 to address this particular risk. 4520