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This 16 page paper answers ten questions posed by a student regarding this topic. Various concepts are defined and discussed.
Bibliography lists 4 sources.
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16 pages (~225 words per page)
File: RT13_SA643prj.rtf
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Unformatted sample text from the term paper:
a strong statement and certainly estimates are not the end all and be all of all projects. There will be people for whom money is not a significant concern and
there will be those projects where money happens to be secondary. Of course, that would be the exception and not the rule and so it is true that estimates are
critical. All contractors work within a budget and they often need to secure funding to get started and to see a project through. They must make sure that funding is
secured before they embark on any endeavor and so, the estimate does serve a critical function. Inaccurate estimates will also lead to false expectations (Gray & Larson, 2005). A home
buyer may get into a contract and believe that the home will cost a certain number of dollars. The estimate may not be something that is set in stone, but
it is still something that looms large in the mind of the consumer. They may have a dollar estimate in mind and will be significantly disappointed if the contractor does
not see it through as originally specified. The contractor may realize that the estimate could change, but that does not change the expectation of the buyer. There is usually
a particular method of creating the estimate. At first, a macro estimate is made, but down the road smaller estimates may be made to provide more detail (Gray & Larson,
2005). And while such an approach is desirable, and practical, the customer will want to know up front what a project will cost (Gray & Larson, 2005). Therefore, a great
deal of skill and determination will have to be employed when furnishing the estimate (Gray & Larson, 2005). Estimating by phases of a project is most practical, but it is
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