The Importance of Effective Cost Estimates Explain how a cohesive construction project team led an experienced project manager, in cooperation with a specialized A/E firm (Architectural &...

The Importance of Effective Cost Estimates

Explain how a cohesive construction project team led an experienced project manager, in cooperation with a specialized A/E firm (Architectural & Engineering), would use cost estimates in each capacity of design, pre-construction services, and operations.

Specifically, I want to know what cost estimates are, and how they are used in business.....Why they are important to the firm, and how a manager best utilizes them in the construction process. Try to back up your explanations of the cost estimate with an example of how companies use these estimates in real life and why they are relevant to a savvy project manager.