Why are cost estimates so important, yet so difficult, in project planning? What are the implications and consequences of overestimating costs, and of underestimating costs?
For each of the following estimating methods, briefly describe the method, when it is used and the estimate accuracy it provides: expert opinion, analogy, parametric, and cost engineering,
Expert Answer
Importance Of Cost Estimation
Before startiing a new project when forecasting the resources , identifying the resource of a cost or estimation of cost to complete the project is more important than any thing else. Because with out proper budget planning it may causes difficult situations
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