Often, you have to undertake difficult projects with too tight deadlines. This naturally leads to frayed tempers, unhappy sponsors, and ridiculous work hours for team members. So has this happened simply because you underestimated the time requirement grossly? If this is the case know that yours in not an isolated incident it happens frequently especially when you do not know the amount of inputs required for successful completion. Unexpected events, high-priority urgent work, and failure in understanding the job complexity are some of the factors that generally set you back leading to negative serious consequences. Naturally, accurate time estimation is extremely important for successful project completion.
Why is Accurate Estimate Necessary?
Time estimate, that too accurately is a crucial skill related to effective project management. Otherwise, how are you going to know how long will it take to complete it or get people to commit? Often times, sponsors are going to judge you based upon whether you have succeeded or failed in giving a project in time. Do you want to be an effective manager? Then it is important to meet deadlines and negotiate budget sensibly.