What might a project manager need to mitigate inaccuracies in estimates effectively?

Conducting comprehensive research is essential for a project manager to mitigate inaccuracies in estimates effectively. This involves gathering relevant data on various factors, such as current market conditions, labor rates, material costs, and potential risks associated with the project. By thoroughly researching these elements, a project manager can create more accurate and reliable estimates that reflect the realities of the construction environment.

This approach helps to ensure that all aspects of the project are considered and allows for better forecasting of expenses and timelines, thereby reducing the likelihood of cost overruns or delays. Comprehensive research also aids in identifying any potential challenges that could impact the project, allowing for more informed decision-making and proactive planning.

In contrast, relying solely on past project data may overlook changes in market conditions or project requirements, while delegating all estimation tasks could lead to inconsistencies and a lack of oversight. Reducing stakeholder engagement can hinder valuable insights and information that stakeholders might provide, which is crucial for accurate estimations. Overall, comprehensive research serves as a foundation for improved accuracy and reliability in project estimates.