How to make accurate estimates and better manage the expectations of customers as well as management?
Further to this if at all can it be managed by common guidelines for all project?
Also can we have at all accurate estimation matrix structure genralized for(s/w,electro-mecanical,electronics... etc) project, if yes how to arrive at it ..... Saving Changes...
IMHO the secret to successful projects is to follow the rules. (1) You determine the requirements. (2) You figure out what tasks you think it will take to meet those requirements. (3) You figure out where the risks are and how they might impact you. (4) You estimate the effort required to do those tasks. (5) You estimate the unknowns. (6) You layout the work in the order that it needs to be done (not every task needs to be on the network, they can be aggregated).
One thing that you won't hear other PMs talk about is estimating the unknowns. This is a concept that everyone shies away from. However, we all put contingency into our projects. Its just that we use the "wet thumb" approach to pulling a number out of the air.
You also hit on another point which is the issue of managing the customer. That is critical to a successful project. It is the PMs job to manage the customer's expectations so that what you deliver is what they wanted. Saving Changes...
