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Project Management & WBS

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1. Why are accurate estimates critical to effective project management? Please explain in detail.
2. What argument can you provide as to why a project's scope must be tied to the WBS? Please explain in detail.

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Solution Summary

This posting gives you a step-by-step explanation of estimation during project performance. The response also contains the sources used.

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Step 1
During each stage of project management, accurate estimates are crucial. During the initiation stage the cost and benefits have to be estimated to determine if the benefits will exceed the costs to the organization. During the planning stage accurate estimation of resources required, budget, and schedule are necessary for effective project management. During project launch, accurate estimates of time and budget requirements of each task is critical. During project performance, accurate estimates are required to take corrective action so that ...

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