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What does rough order of magnitude mean?

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What does rough order of magnitude mean in project management? Does it have anything to do with risk management? (like the impact of the risk on the project)

Please discuss the term, and its usage/importance in PM. (I don't think it's very important as I'm a project manager and I have not used it - it might be though that my projects are quite small)
asked 7 years ago by anonymous

1 Answer

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Rough order of magnitude goes by other names such as SWAG, ball park estimate, and guesstimate and can be applied to a number of situations where you need a rough idea of how much something will cost or how much time it will take.  Impact of risk is one of many examples.  If a risk is going to have an impact of millions of dollars vs. hundreds of dollars, you might need to give it more attention.

So briefly, an accurate rough order of magnitude estimate (one that's in the ball park, so to speak) can help you quickly determine areas that may need more attention for esimating or planning.
answered 7 years ago by sdcapmp (45,840 points)

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