Minimizing the risk of inaccurate estimates involves several strategies:
1. Detailed Planning: Comprehensive planning and feasibility studies can provide a more accurate basis for estimates. 2. Historical Data: Leveraging historical data can improve estimation accuracy by learning from past projects. 3. Expert Consultation: Engaging experts and specialists can provide insights that enhance estimation reliability. 4. Iterative Reviews: Regularly reviewing and updating estimates as more information becomes available can help in maintaining accuracy. 5. Risk Management: Implementing a strong risk management framework to identify and mitigate potential variables affecting estimates.