Question

How has the global economy affected the importance of cost estimation and cost control for many project organizations?

Answer 1

The global economy has greatly changed project management strategies for many project since it had created barriers and challenges and also made project management easier. First is that globalization has led to decreased trade barriers between countries which allows for sourcing of raw matericals in a cost effective manner which allows projects to run smoothly. Secondly, globalization has led to market driven economies which means that the economy generally change in a manner that allows the consumer's demand to be met with ease. This has allowed project managers to create dynamic projects that change as markets and economic factors change.