Estimations in Project Management
In essence, estimates are forecasts of the future, unfortunately, people are not very good at forecasting. While it is difficult to make forecasts of natural phenomena such as the weather; it is even harder to make forecasts of any processes that include people, their knowledge and behavior. Project management is one of these processes.
Estimation is a very important step in modeling and decision analysis. Without proper assessments of project duration, finish time, cost, resources, success rate and other parameters, it is almost impossible to select a proper alternative and ultimately make a good decision.