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Project Management Blog
Part 2 of a 3 part series…Read part 1 here:

more-lessAccurate Project Costs -- How to obtain them, improve estimates with them and dramatically increase your effectiveness by knowing them.

Critical Business Issue (CBI) – Something that might get me fired or put in jail if I screw it up again.

For most IT managers, inaccurate estimates constitute a CBI.  Why are accurate estimates so important?

  1. Inaccurate estimates cause over-commitment. Have you ever worked in a place where ten percent of ten projects got done instead of 100 percent of one project? Ultimately, nothing is accomplished and everyone is totally stressed out. Inaccurate estimates cause over-commitment of time, yet not much gets done.
  2. Inaccurate estimates cause bad decisions. “Inaccurate” usually means “too low.” When this happens, the return on investment (ROI) calculation shows the project as ‘worth it’ when it is not.
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Every software professional that has been part of more than one project knows for sure:no two projects are the same. Different circumstances make most software projects unique in several aspects. And with different situations come different approaches to handle project life effectively: there are mutliple ways to “do” a project. Different circumstances require different approaches.

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