Estimating is one of the most controversial subjects in project management. Project estimation can even make the best project management experts pull their hair out. We all know that cost and time overruns can lead to project failure. The challenge with estimating is that it always involves some uncertainty. Some of the factors that contribute most to this uncertainty are:
Experience with similar projects: The less experience we have with similar projects, the greater the uncertainty. If we’ve managed similar projects, we will be able to better estimate the costs.
Project duration: The longer the project, the greater the uncertainty. If our project is of a short duration we are more likely to account for most of the costs. Also, we will be able to better estimate costs for the time periods that are closer to the present.
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