Question: Course: Project Management Question C3 When a project is newly initiated, company has to first define the project and then prepare initial time and cost

Course: Project Management Question C3 When a

Course: Project Management

Question C3 When a project is newly initiated, company has to first define the project and then prepare initial time and cost estimates. However, in real-world practice, the company may refine and adjust the initial time and cost estimates at the later stage. Discuss THREE reasons for refining the initial time and cost estimates. For each reason, provide one example to illustrate it. (12 marks)

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