Project management · Closing · Component
The record
Estimated against actual, and what accounts for the difference — the entire basis on which the next estimate can be better.
The deliverable
What it is
An organisation that never records estimate accuracy makes the same errors indefinitely and attributes them to circumstances each time.
One line per project builds a reference class within a year, and reference-class forecasting outperforms careful estimation by a wide margin.
One level in
What it is made of
Each element is a constituent part of the component. Follow one to see the attributes it carries.
The reference class
What this project adds to the history.
3 attributes: Category · Comparable projects · Class ratio
Learn
A dozen recorded projects gives a usable ratio. Most organisations reach that in a year and never assemble it.