In one of my earlier posts, I presented a template for an estimate summary which highlighted some minimum requirements to make it look professional. One of the items was the estimator’s initials and the date of the estimate in the estimate summary. This is not a minor formatting issue; I think it is something crucial about taking responsibility and in turn providing reliability.
Without any date and a name / signature or even an initial, an estimate would be incomplete and it would only be a set of numbers with limited credibility and difficult to use. Anybody else looking at the estimate would find it difficult to trace the logic behind it and/or the validation process. The estimator himself could find it difficult to remember his or her own logic at a future date. Even a brilliant estimate might end up being ignored for this seemingly small reason.
Anybody preparing an estimate should be able to take responsibility for their work. His or her name / initials or signature shows that responsibility. There are bound to be questions / challenges on any estimate. A good estimator should always be prepared and willing to respond to such queries. And even after the immediate context is long forgotten, somebody might pick it up, and then they would want to know more about it. The estimator’s name at least gives it an ownership and a possibility to query the numbers, adding traceability. The date also helps put a time and context to the historical work done and could be useful for any future updates when the cost basis, technology and/or client requirements change.
I have seen many estimates without any date or initials. I have personally struggled to understand them or even enquire who did it in the first place, let alone establish the old estimate basis.
I think, if nothing else, it is good practice. The quality of work and presentation changes considerably if it is to be initialled by the estimator herself. Some businesses require final estimates to be approved and signed by more than one person. This requirement just brings in that extra rigour in what you prepare and present. Even if there is no formal procedure / requirement for any signatures, I would recommend that at least the person who is preparing the estimate signs it. It will show to the rest of the team that there is at least one person who is willing to own the numbers and if needed explain them. In my view it will definitely contribute to most company’s teamwork and work-ownership ethos.
I have made it a personal practice / habit to put my initial down on any estimate I do, even if it is a back of an envelope type very quick calculation. To start with it reminds me later what I did, why I did it and what the reason behind it was. I am then able to better explain what I did if anybody questions the basis of the estimate.
By definition estimates are wrong and it does take a lot of confidence to stand behind them.