My wife asked generally how long it takes to drive downtown. I asked "leaving at what time?" so I could provide a specific estimate. We had different estimate expectations.
Basically, there are three types of estimates: General, Educated, and True (the G.E.T Estimate model).
A General estimate is based on similar past experiences like an estimated drive time. It is directionally correct and more like an approximate range, but lacks consistent repeatability.
An Educated estimate includes quantifiable data and deeper experience. My morning commute estimate is usually fairly accurate, but lacks reproducibility by others.
A True estimate uses quantifiable data with a proven algorithm. A GPS navigation app is a great example and is both repeatable and reproducible. These estimate models require on-going investment and are critical for your organization's key value-add activities.
So all three estimate types have a time & place. Just be sure to align on the estimate type - especially with your spouse!
That's my 8020 Framework. What's yours?
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