Within the realm of undertaking administration, the time period “Greatest and Flanagan” holds important significance. It refers to a well known approach for estimating undertaking prices, developed by engineers Edward Greatest and Robert Flanagan within the Nineteen Seventies.
The Greatest and Flanagan methodology entails gathering knowledge on comparable initiatives, analyzing their prices, and making use of statistical methods to forecast the prices of a brand new undertaking with comparable traits. This methodology is especially helpful when historic knowledge is accessible and the undertaking scope is well-defined.
