From the course: Project Management Foundations: Small Projects
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Estimate time and cost
From the course: Project Management Foundations: Small Projects
Estimate time and cost
- [Narrator] Good estimates are important whether a project is small or large. Low estimates make it impossible for a project to succeed because everything would have to go perfectly. And that never happens. Team members get stressed out because they can't finish their work in the time they're given. Customers are unhappy because they don't get what they want when they want it. High estimates cause different types of problems. A high estimate makes a good project look like it's too expensive or too long so it might not get approved. Even if a project with a high estimate is approved, it will probably use all the time and money it gets which takes resources away from other projects. So let's talk about how to get good estimates. Start by estimating time, that is the hours or days it will take to complete tasks. That's because work hours affect both the schedule and the price tag. The estimate worksheet here is available in the Exercise Files. The work hours affect the schedule because…
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