Research
Internal Process Perspective
Estimating Index
Performance Indicator:
Estimating Index
Strategy for Selection:
The purpose of the estimating index is to measure the accuracy and credibility of the estimate as compared to actual work accomplished. The index is usually used for measuring performance for projects or reimbursable work orders. Different size projects may be accomplished so differently that they may be grouped into several categories with an estimating index calculated for each. Deviations outside of a reasonable range of values should be examined for opportunities to learn and improve the estimating process. The use of this indicator should also encourage field personnel to be innovative in reducing actual time and costs. As with any cycles of improvement, consistent performance above or below 1.00 will indicate that the estimates are no longer credible and that the estimates need to be adjusted to reflect the actual level of productivity.
Definition:
Estimating index is the ratio of actual time or costs to do work divided by estimated time or costs. The unit of measurement should be the same for both actual and estimated. Time is usually measured in days and costs are usually measured in whole dollars. When measuring the average performance over a period of time, such as monthly, the number of samples can vary so long as they contain a representative mix to provide reasonable accuracy. The index is usually represented as a decimal number. The estimating index will be greater than 1.00 when the actual time or costs exceeds the estimate. Similarly, the estimating index will be less than 1.00 when the actual time or costs is less than the estimate.
Equation:
Actual Time or Costs
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Estimated Time or Costs
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