Rough order of magnitude (ROM): Inputs, techniques, template

Project estimations can be challenging due to their inherent inaccuracies and time-consuming nature, prompting the use of rough order of magnitude (ROM) estimates for high-level planning and decision-making. ROM estimates aim to provide just enough detail to facilitate planning, budgeting, and prioritization without the need for detailed documentation like product requirement documents or backlogs. They often rely on basic wireframes, user flow diagrams, and epics to quickly assess initiative complexity, using techniques such as T-shirt sizing, sprints, and story points for high-level time and cost estimates. Given the tendency to underestimate effort, adjusting initial estimates by a certain percentage can provide a more realistic range, helping teams avoid overly complex projects. By fostering a culture of quick high-level estimations, teams can better prioritize initiatives based on impact versus effort, thus improving decision-making and reducing the risk of pursuing costly ideas.