Estimating is an inherently imprecise and difficult process; this article discusses eight tips for creating more accurate estimates: 1) better estimates require better information; 2) never estimate alone, but always involve several people; 3) approximately right is better than absolutely wrong, so estimate in ranges rather than specific numbers; 4) use estimating methods that are workable, logical, consistently applied, and self-improving; 5) despite pressure to be a positive team player, guard against overly optimistic estimating; 6) estimates must always be qualified with associated risks; 7) gather the right team of qualified people; and 8) accept that change will happen, but track and monitor it.

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http://www.pmi.org/learning/library/eight-tips-creating-accurate-estimates-3489