The estimate is the ‘linchpin’ of effective project controls. Your budget flows from it, as does the project schedule. The estimate holds the project together.

Get the best estimators; give them enough time to develop the best possible estimate. Provide sufficient resources (time) to review every estimate. You must understand all the qualifications, assumptions, and metrics used by the estimators.

The estimate must reflect the current scope. Change the estimate as you receive new information. As significant discrepancies are discovered, adjust the estimate. Do not wait for the next planned update.

You must control to the best information, otherwise you risk demoralizing your project and/or disappointing your bosses.

This is your project. If you don’t get it right here, the rest won’t matter.