What are the Common Challenges in Cost Estimation?
Despite its importance, cost estimation can be challenging due to:
Uncertainty: Unpredictable factors like market fluctuations or regulatory changes can impact cost estimates. Complexity: Large-scale projects with numerous variables can complicate the estimation process. Bias: Personal or organizational biases can lead to overly optimistic or pessimistic estimates. Data Limitations: Inadequate or outdated data can result in inaccurate estimates.