Month: September 2018

Estimating. From our parents, to our children, to a deli clerk halfway around the world, everyone is estimating something daily. In general, estimating is a computation of a value. In its everyday use we often compute the value in our heads. Like when you’re at the grocery store and trying to calculate how much chicken, burgers, and hot dogs you’ll need for the next day’s barbeque. You give it your best guess, and in most cases, that’s good enough.  Uncle Jim will survive if there’s no more hot dogs left. But what about when tens or hundreds of thousands of dollars are at stake? When the estimating determines whether or not your company wins an important contract that is vital to growth (or in some cases survival), is it still ok to use that same method? The obvious answer is NO.