Optimization of Project Cost Estimation to Minimize Risk: A Case Study

Abstract

With the rapid development of technology in the 20th and 21st century, the breadth and depth of development in most sectors have increased exponentially. As a result, organizations have shifted towards a project-oriented structure for their operations. Today projects are implemented in specific steps which govern the outcome. In the initiation and planning phase, complete characterization of the project is written and possible risks that are associated with the project are analyzed. Effective projects have proper assessment of their capabilities and plan their resources accordingly.