To all directors/managers who build and set budgets & resources for analytics projects(ML & ETL projects mostly). What processes do you take when creating estimates to send out to clients? Next, being honest with yourself, how accurate do you find you estimates to be? Welcome to all comments and insights on how things are done.

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Wildly inaccurate. I just guess based on past experience. Then I write a bunch of caveats into the sow.

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Here is the real method. Take your first guess and multiply by 6. Partner will demand it be cut in half at least and at that point you will be pretty close.

Planning fallacy says you are usually 2-3x off.

helpfullike

Finally don't assume you will be the one doing the work when estimating, consider the the experience level of the people that will actually do the work.

Sometimes experienced professionals will create an estimate based on their level of experience, negleting the level of experience of the people actually delivering the project or activity.

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I think it is good to involve the senior staff when estimating work. You dont always want to get the opinion of an analyst when estimating work, but shoud get input from your circle of trust so to speak.

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Based on historical. Get a sense of quality of data/how big of a pain the client will be - pad from 25-50%+

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T&M because COs are always going to be necessary. Client will always want to add new data from lord knows where

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For ETL - estimates were based on prior projects/experiences. Also always added 2/3 days of padding.

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