Estimating Vs Forecasting - Using a Monte Carlo Tool
Are your projects on time? Are your estimates accurate or at least in the ball park? This session will review several estimating techniques commonly used over the last 30 years. We'll contrast these techniques to the use of a simulator tool to gain more accurate forecasts. The forecasts will enable you to be more predictable and offer you collateral when negotiating completion dates.
The session will include a demo of a Monte Carlo simulation tool.
This talk was delivered at an Agile Philly Meet Up on March 21, 2017. An encore presentation is scheduled for the Agile Philly one-day conference on October 23.2017,
Outline/structure of the Session
This presentation begins with a review of traditional estimating techniques - 15 minutes.
We'll move into an explanation of forecasting and the use of Monte Carlo simulation tools. what they are and how they work. - 10 minutes.
We finish with about 20 minutes of live demo.
Appreciation of the difference between estimating (in all its earlier forms) and forecasting - one uses subjective guessing while the other uses scientific data. Attendees will understand why the later is a better approach and will be given access to a starter set of tools to use.
Anyone looking for a more accurate, scientific method to predict the completion of IT projects.