What Are the Consequences of Inaccurate Estimates?
The impact of inaccurate estimates can be wide-ranging:
1. Budget Overruns: Misestimated costs can lead to exceeding the allocated budget, straining financial resources. 2. Delayed Timelines: Inaccurate time estimates can cause project delays, affecting market entry and competitive advantage. 3. Resource Misallocation: Incorrect forecasts can result in underutilization or overburdening of resources, impacting efficiency. 4. Reputation Damage: Failure to meet expectations can damage a company's reputation and stakeholder trust.