The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates, and these estimates provide the basis for the cash flow projections and forecasts used during the project feasibility study. Likewise, the development of reliable cost estimates during the design and early conceptual stages of a proposed project are of critical importance to the success of the project. This is due mainly to the failure of many project professionals to successfully apply the tools and techniques of modern project planning, scheduling and control to their projects. Countless numbers of projects undertaken by organizations in the private and public sectors significantly overrun the project schedule and budget, and as a consequence fail to achieve the organization's financial and strategic objectives, often with sizable increases in costs and with substantial financial losses to the organization. The late delivery of projects have become the scourge of project professionals worldwide.
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