Course Solutions Uncategorized (Answered) : Since an estimate is nothing more than a guess, why is there so much emphasis on project estimates? Are they even useful?

(Answered) : Since an estimate is nothing more than a guess, why is there so much emphasis on project estimates? Are they even useful?

June 27, 2024June 27, 2024| adminadmin| 0 Comment| 7:40 pm
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Since an estimate is nothing more than a guess, why is there so much emphasis on project estimates? Are they even useful?

Expert Answer

Estimate is not just a guess, it is a calculated guess, derived after carefully considering all the assumptions. These assumptions are not just random ones, they are derived from multiple situations under similar circumstances.

All these helps create an estimated value, which takes into consideration all the historical events, and situations. The data so estimated is assumed to consider all the factors that may be a superset of the near future. Hence, there is a high

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