What is EST?

The term ‘EST’ stands for ‘estimation’ and it is used in project management to identify how long a project will take, how much it will cost to complete, and the overall scope of the project. EST is usually done by experts in the field who can provide an accurate estimate of the time and cost associated with the project.

How is Estimation Used in Project Management?

Estimation is used to create a timeline for the project and to determine what resources will be needed to properly complete it. This includes the amount of time needed to complete the project, the cost of materials and labor, and any other related expenses. Estimation is also used to determine the risk associated with the project, as the accuracy of the estimate can have a major impact on the overall success of the project.

The Benefits of EST

Estimation can be a valuable tool for project managers and team leaders. It allows them to be aware of the potential risks before the project begins by providing an accurate estimate of the cost, resources, and time needed to complete the project. EST is also a great way to reduce waste, minimize unexpected costs, and ensure that the project is completed on time and within budget.

EST is an important tool for all project managers and team members. By utilizing it, they can be better prepared to tackle the challenges that may arise during the project and ensure the successful completion of the project.