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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?

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Here is some information to help get you started:

Accurate estimates are extremely important for effective project management because in the absence of accurate estimates, the project planning will go completely wrong and the project team will not be able to achieve the desired project objectives in terms of scope, timeframe and costs. Lack of accurate estimates will lead to shortages of resources, shortage of time and chaos during the project. Accurate estimates are the foundation for efficient planning for the project, be it related to scheduling, budget, etc. Accurate estimates ease the burden on project managers to keep everything under control.

Some of the steps that project managers can take to improve the accuracy of ...

Solution Summary

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

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