home / study / business / operations management / operations management questions and answers / per the text, four of the main reasons behind inaccurate cost estimates are 1) estimates are ... Question: Per the text, four of the main reasons behind inaccurate cost estimates are 1) Estimates are done... Per the text, four of the main reasons behind inaccurate cost estimates are 1) Estimates are done too quickly, 2) People lack estimating experience, 3) Human beings are biased toward underestimation, and 4) Management desires accuracy (Schwalbe, 2016). Given today's tough economic client and the trends you see in business and government, which of these four causes do you think are the most significant? Describe one way that a good project manager can help overcome that most significant factor.
In the domain of project management and costing it can always be found out that the estimates which are prepared for a project are rarely accurate and most of the times companies or clients end up shelling extra funds for the project completion. Researchers have to tried to find out what are the reasons behind this and most of the studies agree that the people who are creating estimates generally lack such experience. Projects are very tedious tasks and they include number of smaller jobs within it, they are unique in nature and no two projects can ever be said to be similar. The people who are creating estimates should have vast experience of years on different types of projects and thus I consider people lacking estimating experience to be the most significant.
The other factor which I believe is of similar significance is that the managers are not given enough time to study the complexity in a nature of proposed project and then prepare the cost estimates. The management remains in haste to win contracts and orders from the client and thus cost estimates are prepared as quickly as possible which ultimately brings the inaccuracy in the estimates.
The project manager can either acquire the desired experience by himself to prepare accurate cost estimates or he can take the help of some experienced professional in order to overcome the reason behind inaccurate cost estimates.
The project manager needs to demand for reasonable time to ascertain the complexities of a project so that he can prepare accurate cost estimates. A good project manager would not surrender under management pressure and he should always demand for the resources which are required to do the tasks in a right way.
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1-The term “supply chain management” is one of the most confusing and misused terms in business. For our purposes, supply chain management: a)plans, implements and controls the efficient, effective flow and storage of goods, services, and related information between the point of origin and the port of consumption in order to meet customers’ requirements. b)is the integration of key business processes from end user through original suppliers, that provides products, services, and information that add value for customers and other...