Why are accurate estimates critical

What are you thoughts on the following questions? I need some help getting started:

1. Why are accurate estimates critical to effective project management? What steps can project managers take to improve the accuracy of estimating projects?

2. What argument can you provide as to why a project's scope must be tied to the Work breakdown Structure (WBS)? What are the implications are if scope is not adhered to closely?

Solution Summary

Why are accurate estimates critical to effective project management? What steps can project managers take to improve the accuracy of estimating projects?