Estimating the time to complete a project and the cost is the most difficult part of project management. Inaccurate estimating will cause a project to fail and looks bad on all members of the project team. Questions are asked why the project failed and what needs to be changed to ensure steps are taken to prevent other projects having the same issues. Once a project is planned, the estimating to perform the project has to be correct. For example, if a project was estimated to be completed in three months and cost $50,000, and actually it took four months and $75,000, the company is losing money. Accurate estimating is a major process in ensuring the company receives the most profit available. The estimated time is important because if the time is not accurate then the company or the customer will not be happy and it can affect other projects affiliated to it. The steps to ensure estimating are accurate starts off with knowing exactly what the project details and what is the scope of work to be accomplished. Once the scope of work is known, accurate estimating starts with knowledgeable people with backgrounds in the work to be accomplished. Estimating does not work correctly for example; an electrician is estimating a piece of piping that has to be replaced. Also, being able to go to the job site to check the job helps in planning and estimating. There could be other work required to do first before you can even start the project. Maybe there are interferences that have to be moved or old equipment that is in the way. My opinion is the planning phase has to be accurate to have a chance of the estimating phase to be accurate so they go hand in hand.
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