From the course: Project Management: Solving Common Project Problems
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Generating realistic estimates
From the course: Project Management: Solving Common Project Problems
Generating realistic estimates
- Now the second cause of cost problems is the failure to generate accurate cost estimates. Estimating's really difficult because we're looking at things that we haven't done before, and so how do you estimate what they're going to cost? Very difficult to do. And I would say that there are a couple of things that people do when they estimate costs that are definitely a problem, and the first thing is to use the average as your estimate for the cost. Now if you use the average you would think that half the time you'll be okay and sometimes things will be over and sometimes things will be under, but actually it doesn't seem to work like that because there are very few ways that something can end up being cheaper than you thought, but there are lots of ways that something can end up being more expensive than you thought. If you have to do something twice, or if you have to go to a different supplier, or you have to rush it through and work overtime, any change to your plan will cost…
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