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18 votes
Accepted

Budgeting in an agile project

Well the easy and probably not completely helpful answer is, agile requires a change in how the business plans. You fund teams, not projects. That's not entirely helpful so let me try and bridge the ...
12 votes
Accepted

How to estimate a project budget using story points?

TL;DR For agile projects, a basic formula for estimating budget is: (totalStoryPoints / velocity * teamHoursPerSprint) + nonLaborCosts = budgetEstimate The results should be reported as an ...
8 votes
Accepted

Who pays when actuals exceed pessimistic estimates?

Management Owns Cost-Overruns A Developer estimates between 70 to 100 hours for a task. Due to the urgency of the task and the developer's unavailability, a far less experienced developer is ...
6 votes
Accepted

What's a good way for a Scrum team to handle budgets and work with other departments?

Use Backlog Estimation to Provide Planning Values In Scrum, teams often perform a first pass through the Product Backlog (generally at the Theme or Epic levels) at the start of a project in order to ...
6 votes

Budgeting in an agile project

One way to think about it is using the classic "accuracy vs. effort" curve. Sure, you can spend significant time planning up front, but you quickly hit diminishing returns on accuracy and will most ...
6 votes

What can I do when I can't adjust scope, resources, or schedule and a team member wants a raise?

TL;DR Your job as a Product Owner (PO) or Project Manager (PM) is not to have all the answers. Your job is to have a vision, and to communicate options to stakeholders and business decision-makers. ...
5 votes

Project constantly running into problems, so how does a PM manage the consistent budget impacts?

Two key expectations from a PM are: Assess, track and report Risk Manage Stakeholder's expectations You are doing all the risk management, and it seems the second part could be improved. So, you ...
  • 8,381
4 votes

Dealing with an agency who can't give a definite quote

TL;DR There's nothing wrong with your vendor's model. The problems are: There's a mismatch between their business model and yours; and Your budget doesn't account for the known costs and business ...
4 votes

Who pays when actuals exceed pessimistic estimates?

There is a difference between an estimate and planning value. An estimate is a probabilistic range and should include variables such as less qualified resources doing the work plus about 1,000 other ...
  • 36.7k
4 votes
Accepted

Project constantly running into problems, so how does a PM manage the consistent budget impacts?

I'm going to read between lines a bit here, but I think the issue that management has is not explicitly that the mitigation strategy is too reactive- mitigation, almost by definition, has to be ...
  • 4,414
4 votes

How can you make a project succeed by raising budget?

The answer will be peculiar to the individual project. Wallace's law of project management the PM's primary job is to inform stakeholders of the effect of any change on Scope, Schedule, and Quality. ...
  • 8,717
3 votes

A project manager should know how much his/her project members earn monthly?

This situation is unfortunately more common than logic would suggest. It all arises from the projects culture, in general when transparency is part of the business culture, and of course there is a ...
  • 131
3 votes

Is it possible to do project budgeting within TFS?

Are you sure you want this integrated in TFS? If your team is agile and is using the Scrum or MSF Agile template, it's not tracking the data required to create the reports your manager would like to ...
  • 1,240
3 votes

Project Management without access to budget or deadlines

So my question: how can I a) work around not having crucial information, or b) explain to my boss that in order to do my job properly, I need that crucial information? In the absence of budget and ...
  • 1,623
3 votes

What can I do when I can't adjust scope, resources, or schedule and a team member wants a raise?

Let's simplify your question down. Feature A is expected to cost $X to deliver and in reality costs $1.2X to deliver. This can be because of a raise, inflation, change in needs, or a ton of other ...
  • 16.7k
3 votes
Accepted

Can code base metrics be used for budgeting for software engineering or code maintenance?

TL;DR Level of effort and complexity are much better metrics for estimating work than lines of code (LOC). Furthermore, they can only be effectively estimated by the people who will be doing the ...
3 votes

Pricing risks when developing a project's budget

You need to calculate risk exposure for each of the identified risks then compute a work buffer to cover them. This is part of the Risk Analysis and Management practice. Since this is a fixed price ...
  • 13.6k
3 votes
Accepted

What is a budget of an outsource fixed-price project

Don't confuse budget with price. You set a price, but you build a budget. A price is usually a number that reflects an amount of money you pay on some product. The price includes the cost of ...
  • 13.6k
3 votes

How to ask a developer for the cost of building my website?

David Espina expressed it very pragmatically in his comment "Can you provide me a quote for this work?" The fancy name for that is a Request For Proposal. That's a document that outlines the ...
  • 13.6k
2 votes

Is it possible to do project budgeting within TFS?

This is not a feature that comes stock with TFS Depending on your bosses requirements, creating a TFS custom process template may be suitable, depending on how he/she wants to consume the information,...
2 votes

Budgeting in an agile project

In my practice, agile projects are set up and budgeted the same way as the regular ones. We have business case / high-level scope, based on this we make a preliminary estimation for cost and schedule, ...
2 votes

Who bears the cost of bug fixing in an Agile project?

It's really no different than in waterfall projects. When you hand it to the customer and say it's done, there's the implied statement that you've tested it and it is high quality. So, any bugs would ...
  • 16.7k
2 votes

What's a good way for a Scrum team to handle budgets and work with other departments?

Scrum focuses on development work delivered over a set interval (i.e iteration or sprint). If the scrum team is not physically setting up the hardware, the scrum framework doesn't apply to your ...
  • 3,922
2 votes

How to estimate a project budget using story points?

I will start by saying that doing Scrum in a consulting environment is a real challenge. With Scrum we are continually looking for feedback from the Product Owner and Stakeholders and adjust our ...
2 votes

Dealing with an agency who can't give a definite quote

A part of the equation not obvious is the agency's experience with the existing code and your client. That factor could be significant. Or simply it could be a typical vendor relationship, money in, ...
2 votes

Dealing with an agency who can't give a definite quote

The agency is avoiding risk. What they seem to be doing is accepting work as if they are working under a fixed price arrangement but dealing with payment as if under a time and materials arrangement. ...
  • 36.7k
2 votes
Accepted

How can I produce more reliable estimates for technology refresh projects?

I don't have enough experience to confirm or rebut this hypothesis. That said, if I were in the position, I would propose the minimum possible refactor project (kind of like my academic colleagues ...
  • 8,717
2 votes

Estimating and Project budgets

Assuming you've done the work before on similar engagements, you and your team's experience should be able to arrive at a probabilistic estimate for the work ahead in a range from best to worst case. ...
  • 36.7k
2 votes

Project Management without access to budget or deadlines

If you do not know what your targets are to which to plan and to work, then you have zero accountability and responsibility for those targets. None. Focus on doing the job and doing the job well. ...
  • 36.7k
2 votes

What is 'overhead' in a research project budget?

I will try myself at this answer. Basically, "overhead" can have two meanings: Negatively connoted: When negatively connoted, overhead describes excess and UNNECCESARY effort or costs, that incure ...

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