Why is cost estimation important in project management?
An example of an AI chatbot conversation about the significance of cost estimation in projects.
Why is cost estimation important in project management?
Cost estimation is crucial as it helps in budgeting, resource allocation, and project planning.
What are the common methods for cost estimation?
Common methods include expert judgment, analogous estimating, parametric estimating, and bottom-up estimating.
How does inaccurate cost estimation affect a project?
Inaccurate cost estimation can lead to budget overruns, resource shortages, and project delays.
Can you give an example of a project with poor cost estimation?
Sure! The Denver International Airport project faced significant delays and cost overruns due to poor cost estimation.
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