• When facing cost estimation for a project several methodologies can be used:

    Expert Judgement Method

    Expertise from individuals or groups with specialized knowledge or training in the team and physical resource planning and estimating, has to be considered, since the expert judgment, being guided by historical information, always provides valuable information about the environment and prior similar projects. Beyond this expert judgment allows determining whether to combine or not different methods of estimation and reconcilement between them.

    Analogous Estimating Method

    Analogous cost estimating technique, uses the values of scope, cost, budget, and duration or measures of scale for size, weight, and complexity from previous, similar projects as the basis for estimating the same parameter or measurement for a current project.

    Parametric Estimating Method

    Parametric estimating is based in an algorithm or the statistical relationship between historical data and other variables like square footage in construction to calculate resource quantities needed for an activity, based on historical data and project parameters.

    Bottom-up Estimating Method

    Bottom-up estimating is a method for estimating a component of work, where the cost of individual work packages or activities is estimated to the greatest level of specified detail. The detailed cost is then summarized or rolled up to higher levels for subsequent reporting and tracking purposes.

    Project Management Information System Method

    Project management information systems can include resource management software that can help plan, organize, and manage resource pools and develop resource estimates. Depending on the sophistication of the software, resource breakdown structures, resource availability, resource rates, and various resource calendars can be designed to assist in optimizing resource utilization.

    (theconstructor.org 2021)

  • What are the roles of a Team Leader:

    Coach team members. An essential role in achieving goals and developing necessary skills to get results. Coaching develops team members’ performance and offers feedback to develop desired skills and work ethic.

    Develop team strengths and improve weaknesses. A team leader has to identify strengths and weaknesses in the team, to be able to delegate properly. It is also necessary to establish areas of opportunity and appropriate steps to improve on them.

    Identify team goals and evaluate team progress. Measuring team success means being able to identify the meaning of success. Proper evaluation of goals and establishing team success measurement will avoid miscommunication.

    Resolve conflict. With diversity and inclusion, we would find different personalities, work traits, and motivations, and conflict could occur at times. A good team leader is responsible for dissipating conflict and resolving it when it does arise.

    Organize team initiatives. A good team leader has to organize team meetings, topics of discussion, and progress toward the goal, developing also team initiatives to achieve great performance. (indeed.com 2021)

  • A successful team is led to High performance considering some of the following key criteria:

    Good leadership. Good leadership for a team functions very well, granting proper guidance to the team to allow achievements to reach objectives. Leadership inspires and motivates members of the team to always think of better performance.

    Trust. After leadership, this is the most important factor to ensure high performance, and it is particularly important when diverse members did not have a reason to work together, reach collaboration, and teamwork.

    Effective conflict resolution. Adequate conflict management would normally represent higher performance as opposed to an inefficient one where conflicts derive into low team performance.

    Clear goals. This is very important to maintain teams aligned closely to purpose, priorities and focused on work achievements.

    Defined roles and responsibilities. High-performing teams have a clear definition of roles and responsibilities to avoid confusion over project ownership and properly being accounted for across the board.

    Clear Communications. Allowing communications to break down, usually represent conflicts arising and performance suffering, therefore everyone should have a clear understanding of who to communicate and when without obstacles. (quantumworkplace.com 2020)