Variance management

Abstract

Method and system for determining estimation variance associated with project planning are provided. In one aspect, information associated with a project is obtained and initial estimations for the tasks in the project are determined using available information. The tasks are performed and actual measurements are obtained from the completed tasks. The actual measurements are used to revise the estimates of the remaining tasks. The revised estimates are used to compute a project level estimate and a variance on that estimate, and to enable better project management.

1 . A computer-implemented method of determining estimation variance associated with project planning, comprising:
 identifying a plurality of phases associated with a project;   determining an initial estimate and variance associated with completing each of the plurality of phases;   for each of the plurality of phases, collecting actual measurements from one or more tasks executed as part of performing said each phase;   revising estimates and variances associated with completing rest of the plurality of phases based on the actual measurements; and   determining an estimate and variance for the project based on the revised estimates.   
     
     
         2 . The method of  claim 1 , wherein the step of collecting actual measurements further includes:
 collecting new information that becomes available as a result of executing said one or more tasks.   
     
     
         3 . The method of  claim 2 , wherein the new information includes one or more tangible artifact produced during the execution of said one or more tasks.