Which Practice Area includes the practice of developing high-level estimates to perform work?

The practice of developing high-level estimates to perform work falls under the Estimating Practice Area. This area focuses explicitly on creating estimates that are crucial for informing the project team, stakeholders, and decision-makers about the resources, time, and costs associated with a project. High-level estimates serve as initial approximations that guide planning and help assess feasibility before more detailed and precise estimates are developed later in the project lifecycle.

Understanding this practice is vital as it enables better resource allocation, helps in setting realistic timelines, and provides a foundational basis for budgeting. By utilizing techniques and tools specific to estimating, organizations can enhance their forecasting accuracy and improve overall project performance. This approach helps mitigate uncertainties and prepares teams for managing potential variations in project execution.

In contrast, while Planning encompasses broader activities related to defining objectives and determining the course of action to achieve those objectives, Estimating specifically addresses the calculation and prediction aspects of project work. Risk Management focuses on identifying, analyzing, and responding to project risks, distinct from the task of providing estimates. Lastly, Project Management encompasses all aspects of managing a project, but Estimating is a specialized subset of these activities that deals with the quantitative assessment required for successful project execution.