Factors affecting quality, time and cost estimates of Project

Factors affecting quality, time and cost estimates of Project
Various businesses embark on numerous projects for developing new products and services every year. Regrettably, most of these projects fail during the rolling on stages or at launch because the initial success standards do not get met. Therefore, it is critical to have a solid foundation built at the organizational level, not with people or individuals (Crawford & Center for Business Practices, 2002). This paper is going to discuss how quality, time and cost estimates can influence the success of a project.
The quality of estimates can be influenced by other factors like people, technology, and downtime.
A good project should have estimates about manpower, budgets, releases, team compositions and development progress. The quality of estimates can be influenced by various factors among them people, technology and downtime. People affect the quality of estimates in the sense that humans by nature are faulty which may lead to many mistakes during estimation. Human beings are also slow compared to machines and other tools of estimation. Technology can influence the quality of estimates either positively or negatively. Technology can ruin estimates if not properly programmed or monitored closely by an expert (Furman, 2011).
Modern day technology has offered softwares that make work easier in the running of estimates. One can be required to feed some data to a computer and wait for more accurate and reliable output inform of estimates. Time down can also influence the quality of estimates a great deal. The time spent not working on a project for various reasons may influence the quality of estimates. This can occur depending on the type of project, the magnitude of the project and the exposure of the project to external factors (Furman, 2011).
Are accurate estimates critical to the effective project management?
Accurate estimates are critical because most of them are a major input to the project planning. It is also vital that these estimates be accurate as the project control is fully dependent on it and that they could be required to support good decisions (Tonnquist, 2009). In project management, a good methodology will enhance consistency in stages of the project. Its also wise to have good policies that provide a platform for doing things.
References
Crawford, J. K., & Center for Business Practices. (2002). Project management maturity model: Providing a proven path to project management excellence. New York: M. Dekker.
Furman, J. (2011). The project management answer book. Vienna, VA: Management Concepts.
Tonnquist, B. (2009). Project management: A complete guide. Aarhus: Academica.

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