Time Estimates: The Unspoken Dilemma in Project Management

It is said that for any project you can get
Any 2 out of the below 3
1️⃣ Within Budget
2️⃣ Within Scope
3️⃣ Within Timelines

Why??

Why can’t we get all 3?

Its got to do with how we manage projects.

Opening a new store,
New product Introductions,
Launching a new sub-brand,
Website redesign,
Customer loyalty program rollout
.. all of these are examples of projects.

Think you can accurately estimate the time it takes to complete a task?
Think again.

In reality, people tend to pad their time estimates to avoid negative consequences.

If you miss a deadline, you’ll likely pad the estimate even 𝗺𝗼𝗿𝗲 next time around.

But here’s the catch:
If you give a realistic estimate, your boss might think you’re a poor worker.

So what do you do?
Inflate your estimates and hope for the best.

But if you finish a task early,
you’re unlikely to report it, because
then your estimates will be questioned.

This tendency to inflate estimates and
hide early finishes can lead to
unrealistic project timelines and costs.

And if you think your project manager is
going to give a realistic estimate to their boss,
think again. They’ve learned the rules of the game and
will likely cut the project time and
cost while expecting the same specifications.

𝗥𝗲𝗮𝗹-𝗹𝗶𝗳𝗲 𝗲𝘅𝗮𝗺𝗽𝗹𝗲:
A construction company estimates that it will take six months to complete a building project.
They pad the estimate to seven months to avoid negative consequences.
If they finish the project in five months, they’re unlikely to report it to the client because it could lead to questions about their original estimate and pricing.