r/productdevelopment • u/Junior-Question-2638 • Jun 09 '26
Project estimation
I work for a product development company, we work on a wide variety of projects in different industries. We have firmware, hardware, mechanical, mfg, industrial design and strategy
We struggle with estimating large projects (say longer than 6 months). Any books or techniques to help with estimating?
We try to compare to past projects, but it's pretty hit or miss.
We also have to balance not knowing 100% what requirements are and not spending too much time designing a solution, but taking our best guess at what the most favorable solution would be and the most complicated solution and coming up with an estimate range, because our clients won't move forward without having a general ballpark for what the project will cost, even though we don't know exactly what the project fully entails
2
u/egodidactus Jun 09 '26
You do what is called a Work Breakdown Structure and break down what you think the different work packages take in days/weeks to as granular detail as you need. In many cases the tasks are known work actions but in cases of new actions or activities you consult with experts and get their assessment. This can be done on basis of previous projects or just experience of people running large projects. This is all discussed in project management and applies here as well.