Estimating errors

Many projects have a thin margin of error to begin with, and economic pressures only complicate matters. When high-profile blunders occur, those involved find themselves in the harsh glare of the media and public scrutiny. This article discusses the specific steps project managers can take to minimize estimating errors and avoid derailed projects. It lists a six-step approach to minimize errors and identifies the importance of matching the project team members' skills to the appropriate task to create an initial estimate that's on-target. It addresses how a mining company in Brazil handles estimating for their megaprojects and explains the importance of long-range plans. In addition, a senior account manager for a web design firm discusses how his organization handles top-down pressure. Furthermore, it explains how project managers need to review estimates throughout the project life cycle and make adjustments as needed. The article also discusses the importance of sharing estimates to eliminate risks, such a
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