Why Are Accurate Estimates Critical To Effective Project Management

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Why Are Accurate Estimates Critical To Effective Project Management

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They are needed to: - Support good decisions - Schedule work - determine how long the project should take and how much it will cost - determine whether the project is worth doing - Develop cash flow needs - Determine how well the project is progress - develop time phased budgets and establish the project baseline NOTE: If estimates are inaccurate, it will lead to false expectations & customer dissatisfaction Estimating becomes a tradeoff between balancing the benefits of better accuracy vs the costs for securing increased accuracy cost, time, and budget estimates are the life line of control in a project :)
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