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What are ballpark estimates?

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What exactly are ballpark estimates when it comes to project management. Are they only restricted to cost estimation or to schedule estimation, or do they apply to both?
asked 8 years ago by anonymous

1 Answer

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Ballpark estimates are sometimes more formally referred to as order of magnitude estimates.  They get you to the right order of magnitude (e.g. is the schedule going to take days, weeks, months, or years).  According to the PMBOK Guide, good estimates of this type are accurate to +50% to -75%.  Ballpark estimates can be used where ever you need an order of magnitude estimate (e.g. budget, schedule, duration, etc).
answered 8 years ago by sdcapmp (45,840 points)

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