The project time and cost estimates will be more accurate as long as everyone involved in the project provides a small cushion to lower risk. b.False
PADDING
Such estimates of activity durations are common among project managers. The capacity of a project manager to provide realistic timelines and budgets is compromised by padding. Because the estimator does not have adequate information, a pad adds time and money to the estimate. When a project has a lot of unknowns and there isn't enough knowledge to explain them, time and money may be needed. Through the risk management process, reserves can be used to address this. The crucial process of risk management transforms uncertainty into discernible opportunities and dangers (risks).
These hazards must be noted by estimators and discussed with the project manager. These dangers shouldn't be kept a secret. If any of the estimates are inflated, the project's timetable will be excessive. No timeline or budget need be made in this situation. The schedule and the budget serve as the baselines against which project managers evaluate the success of their initiatives in the real world. Thus, the project manager must follow these baselines, which should be as exact and realistic as feasible. Padding is a bad project management practice that harms a project manager's reputation.
Padding won't be necessary if
There is a WBS accessible for estimators.
Additionally, the estimators come with a WBS glossary.
On the project, time and cost reserves are determined using real figures.
Unknowns and risks are noted.
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