Effort and schedule estimation typically involves the
following roles performing the following steps in an iterative,
incremental, and parallel manner:
Understand the task, work product or milestone to be
estimated.
Analyze the size of the work to be performed.
Determine the qualifications/experience of those who will
be performing the work.
Apply the effort estimation formula using relevant
information.
Verify the resulting effort estimation based on personnel
experience.
Use the team size and relevant multipliers (e.g., no one
works totally on a task without interruptions and time off
due to holidays, sick leave, etc.).
Effort and schedule estimation typically results in the
production of the following work products in an iterative,
incremental, parallel, and time-boxed manner:
Whereas management can set priorities, the people, teams,
and organizations that must do the actual work should
estimate how much effort is required and how long it will
take.