B.1 Pre-Project
In late 2006, PMI began exploration for developing the first Practice Standard for Project Estimating. The focus would be placed on providing information that is generally recognized as “good practices” rather than “standard practices” and is applicable to most projects most of the time. The project itself was divided into two major phases: research and development. The research phase started in late 2006 shortly after the formation of the core team and was directed at performing a global scan of the available bodies of knowledge in the industry. The result of the research phase brought a significant depth of information regarding the science of estimating. However, gaps were identified surrounding the actual context of estimating (i.e., when to use the science and in what situations, how a quality estimate is known, questions to ask about an estimate, etc.) It was also noted during this phase that project managers typically are not and should not be the experts in the practice of estimating. However, a project manager who is fluent and capable in the contextual concepts of estimating can make a significant impact on a project's probability of success (e.g., delivered on time, on scope, and within budget). In March 2009, the Standards Members Advisory Group approved the final charter for the standard with Chris Richards, PMP, as Chair and Judi Vincent, PMP, as Vice Chair. The charter included the following characteristics for the standard:
B.2 Development Work
The development phase began in April 2009 and writing was completed in October 2009. The content leads for the chapters were: Kerry Wills, PMP, lead developed the outline for the standard and prepared Chapters 1–3; Parviz Rad, PMP, prepared Chapter 4; Clifford Sprague, PMP, prepared Chapter 5; and Barbara Fuller, PMP, prepared Chapter 6. To assist in validating the content, the team engaged several industry experts to perform a subject matter expert review and provide feedback on the content prior to exposure. This group was comprised of representatives across multiple industries.
B.3 Exposure and Consensus
The standard was submitted as an exposure draft on 30 March 2010. There were 1160 comments. The team's comment acceptance rate (comments accepted outright, and accepted with modifications) was 38%. The resultant final draft was submitted to the PMI Standards Program Consensus body for official ballot on 11 September 2010. Twenty-six members of the PMI Standards Consensus Body agreed to participate in the ballot of The Practice Standard for Project Estimating. Those not participating included the PM and Deputy PM for this standard because their participation was considered to be a conflict of interest. The balloting period was closed on 10 October 2010 with 23 ballots returned. Consensus Body voting results were as follows: 17 affirmative, 4 affirmative with comment, 1 abstention and 1 rejection.