What are the common mistakes in cost estimation?
An example of an AI chatbot conversation about common mistakes in cost estimation.
What are the common mistakes in cost estimation?
Common mistakes include underestimating costs, failing to account for contingencies, and not involving all stakeholders.
How can I avoid these mistakes?
To avoid these mistakes, ensure thorough research, involve team members in the estimation process, and use historical data.
What tools can help with cost estimation?
Tools like Microsoft Excel, specialized software like Primavera, and project management tools can help streamline cost estimation.
Can you give examples of contingency planning?
Sure! Examples include setting aside a percentage of the budget for unexpected costs or creating a risk management plan.
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