Project Cost And Finance Management part 2

[faizan_civil]

Project manager told his boss in a meeting that “Cost estimates and budgets are ideally based upon elements of the WBS and are prepared at the work package level. But when the cost cannot be estimated because of uncertainties about the work, the estimates based upon judgment should be used as final figures”. What is wrong with his statement?

[bednobs]

as the gate process goes along, the estimates will be refined, therefor the first estimates will not be the final figures