What are the consequences of inaccurate estimates in project management?
An example of an AI chatbot conversation about the impact of inaccurate estimates.
What are the consequences of inaccurate estimates in project management?
Inaccurate estimates can lead to budget overruns, missed deadlines, and resource misallocation.
Can you give me an example of how this might happen?
Sure! If a project is estimated to take 3 months but actually takes 6, costs can double, affecting profitability.
How can teams improve their estimation accuracy?
Teams can use historical data, involve experienced members, and apply estimation techniques like PERT or Monte Carlo.
What tools can help with project estimation?
Tools like Microsoft Project, Trello, and JIRA can assist in tracking estimates and actuals for better accuracy.
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