Estimates have tendencies to be wrong. You might have gotten many inaccurate estimates throughout your business. However, accurate estimates are a requirement for product and project management. The estimation process is now highly accurate, thanks to intelligent developers in an agile environment. That is done through the Fibonacci estimation. Here is what you must know about it.
Fibonacci Estimation Definition
The Fibonacci sequence is a series of numbers that grow because each number is the sum of the previous two numbers. So, for example, it will be 0, 1, 2, 5, 8, 13, and so on. The art of Fibonacci estimation is to use the sequence as a scoring sale when estimating the effort of various agile development tasks.
Most agile teams use these points to score their tasks. For example, the higher the points are, the more effort it will take for the team to complete the task. The sizing is done in story points, a unit of measurement unique to agile.
Reasons To Use Fibonacci Estimation For Agile Estimation
The Fibonacci sequence works well while estimating story points for agile teams. That is because it is one of the best prioritization methods that prevent estimates from coming so close to another that they become irrelevant or inaccurate. The scale uses whole numbers that keep on growing, with gaps between points becoming bigger.
Because of this, the project managers find it easy to understand the difference between challenging tasks. It helps them avoid analysis paralysis. The estimation is perfect for small and significant tasks.
When Must You Use The Fibonacci Estimation?
The Fibonacci Estimation is ideal to use during agile estimation, which will become a part of your backlog refining process or sprint planning. During agile meetings, the teams will estimate their efforts on tasks in the product backlog. Such estimations help the team understand how many items they can consider for the next sprint.
Each team has a different method of using the Fibonacci estimation. For example, some use a modified deck of cards related to the Fibonacci sequence. Each member picks a card that matches their estimate for the item, and everyone reveals their cards simultaneously to discuss estimates until a consensus is reached.
So, if your product team introduces new features for an application, you can use the estimation. However, you must agree on the size and scale of each element before starting the assessment. The best part about this estimation is the opportunity to share knowledge.
You can use the Fibonacci estimation during any part of the product planning and management process. But, of course, you must have the resources and time to execute this in the best way.
While it sounds easy in theory, it takes time and effort to execute the Fibonacci estimation. You must prepare your team during the product planning phase to ensure everyone does their part to get it right. It will help you create a smooth process you can implement throughout the organization.