How can risk management improve cost estimation in projects?
An example of an AI chatbot conversation about risk management in cost estimation.
How can risk management improve cost estimation in projects?
Risk management helps identify potential risks early, allowing for more accurate cost estimates by factoring in contingencies.
What are some common risks that can affect cost estimation?
Common risks include scope changes, resource availability, market fluctuations, and unforeseen technical challenges.
How do you quantify these risks in cost estimation?
Quantifying risks involves assessing their likelihood and impact, often using techniques like Monte Carlo simulations or expert judgment.
Can you give an example of a project where risk management significantly impacted cost estimation?
Sure! In construction projects, identifying weather-related risks can lead to better scheduling and cost buffers, reducing overruns.
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