Question

Why is cost estimation such an important component of project planning?

Answer 1

At the point when you and your group take on a project, one of the objectives is to get it without surpassing your financial plan. That is the reason cost estimation is such a significant segment of project planning. Making exact assessments guarantees your spending covers what the project needs. The cost estimation process helps in distinguishing project risks and gives a choice to talk about other options if new necessities are should have been included. The exact project costing plan empowers one to weigh foreseen benefits against foreseen costs to evaluate if the project bodes well. Further, it permits one to survey the periodical store necessities, and fills in, as a rule, to oversee the project on an everyday premise.