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Essay / Research Paper Abstract
This 5 page looks at the importance of accuracy in estimates used for projects, at the way estimated may be developed and the tools used to help develop and monitor them.
Page Count:
5 pages (~225 words per page)
File: TS14_TEacuproject.rtf
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Unformatted sample text from the term paper:
this requires a great deal of planning, not only for aspects such as the budget but ongoing budgets and cost estimates as well as estimates of the use of different
resources at different stages of the project. Without understanding what needs we to take place, when and what is needed there will be dangers of clashes within the project, errors
of judgment and confusion. It is generally understood that the more information that is available regarding the project, under different imports, the greater the potential for accuracy of estimation
within the project. However, the input information is used also needs to be accurate, otherwise the inaccuracies will follow through with the estimation processes. It is also generally recognized that
were estimation of any type takes place, where rep it is a time estimate, budget, or other resource allocation, it is more likely that there will be an underestimation rather
than an overestimation. This is because it is more likely for items and events that would impact of the estimates to be overlooked before so, rather than over estimated. One
approach to planning, projecting and estimating is the use of existing information and knowledge where it exists. In any business a great deal of value can be gained from
historical data, therefore a potentially valuable source of input into project management, which is likely to help increase accuracy, whose use of historical data taken from similar projects. Historical data
helps to reduce the amount of unknowns within a project, provides a number of predictors and allow for estimates based on a previous project, including ranges such as optimistic, most
likely and pessimistic. Utilizing historical dates in this way will get a project manager, and relevant stakeholders, a broad appreciation of the potential ranges of possible outcomes and divergences.
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