Creating accurate time estimates for projects is an essential skill when it comes to managing a successful project. One of the easiest way to tell when someone is a novice at their work is that they consistently blow through deadlines. Conversely, the way to underscore professionalism is the timely planning and completion of projects.
Here are some tips to help you sharpen up your time estimates:
1. Don’t try to estimate the time for an entire project; break it down into tasks and assess the time it takes for individual components of the project.
2. Make a list of all of the constraints and considerations which might impact the timeliness of the project. What are you assuming? Will you need outside information that might delay things? Doing so will also help you identify potential pitfalls.
3. Are you working with other people on the project? How much of their time will they have to dedicate to your project? If they juggle multiple projects, know that they may lose work hours when they transition between tasks. Also remember: People are too optimistic about their own productivity.
4. Be more detailed when planning the immediate “next steps” or “first phases” of a project. Circumstances may dictate changes down the line, and there’s no reason to be excessively detailed when planning later stages of large or long-term projects.
5. Add 20% to every estimate. This builds in a cushion of wiggle room for illness, technical issues, emergencies, unforeseen problem solving time, and inefficiencies in communication / meetings.
You’ll find almost any project can benefit from this approach and if practiced regularly, will make you a truly talented time manager.
