List and Briefly Describe Four Reasons Why Estimating Time and Cost

question 53

Essay

List and briefly describe four reasons why estimating time and cost are important to project management.

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Definitions:

Interrelated

Elements or factors that are connected to one another in such a way that changes in one may affect the others.

Interdependent

Mutually dependent; the condition in which two or more persons or elements rely on each other for support, functioning, or survival.

Systematic Approach

Involves a structured, methodical process for solving problems or achieving objectives, often based on a step-by-step methodology.

Theoretical Works

Scholarly writings or concepts that provide explanations or frameworks to understand phenomena within a specific field, based on principles and theories.