Project Management

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margin of Error

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Prasanta Swain Practice Director| ITOrizon Bangalore, Karnataka, India
Has anyone used "Margin Of Error" for any Project Management effort? Curious to know application of it in PM.
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Prasanta -

Isn't margin of error just another phrase for the level of confidence we have in an estimate? So, for a Rough Order of Magnitude, we'd be looking at -50% - 200% or something similar?

Kiron
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Sergio Luis Conte Helping to create solutions for everyone| Worldwide based Organizations Buenos Aires, Argentina
My recommendation is taken a closer look to Barry Bohem´s Cone of Uncertainty. While it was born for software is adopted in other domains including it in past editions of PMBOK the error rates stated into the cone were taken when talking about estimations.I am using it from years ago.
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Vincent Guerard Coach - Trainer - Speaker - Advisor| Freelance Mont-Royal, Quebec, Canada
Prasanta,

Some industries have estimation levels. It might be what you refer too. The cone of Uncertainty mention here by Sergio is an excellent reference.
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Sante Delle-Vergini, PhD Senior Project Manager| Infosys Melbourne, Victoria, Australia
As @Kiron points out, the margin of error seems to be a good analogy for the Rough Order of Magnitude.
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Drew Craig Sr. Agile & Product Coach| Vanguard Philadelphia, Pa, United States
Yes, though it was called Rough Order of Magnitude :)
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Sante Delle-Vergini, PhD Senior Project Manager| Infosys Melbourne, Victoria, Australia
With an emphasis on the "rough".
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Keith Novak Tukwila, Wa, United States
If you have measurable requirements, it can be the difference between "we over-built it so that there is no risk of failure." and "everything hinges on the test results".
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Prasanta Swain Practice Director| ITOrizon Bangalore, Karnataka, India
Thank You all for your quick responses!

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