From the course: Accounting Foundations: Cost Estimating
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Obtaining realistic budget estimates
From the course: Accounting Foundations: Cost Estimating
Obtaining realistic budget estimates
- Have you ever planned a trip with your family and friends? You probably didn't just buy plane tickets and jet off somewhere unknown. Like most people, you identified your travel needs and activities and then budgeted how much it would cost to know if you had the money to do it. Estimating seems like a tedious process, but it's essential even in our everyday lives. And while it's tempting to guesstimate costs, you must respect that every cost estimate is unique and guessing will only lead to poor results. Calculating how much a project or a purchase might cost begins with having a realistic budget. A budget estimate is an opportunity to see the effort's viability, and let stakeholders know how much money they require to proceed with it. Just like your family trip, you must estimate every project to get an idea of the cost and then to see if you have the money to actually do it. A budget includes critical information…
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