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Rough Order of Magnitude: Initial Project Estimates Under High Uncertainty

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Jim Walsh
Rough Order of Magnitude: Initial Project Estimates Under High Uncertainty

Cost estimation is one of the crucial aspects of project management and is standard practice for stakeholders. But in the early stages, project managers rarely have all the information needed to calculate costs accurately. Therefore, they must resort to a rough order of magnitude (ROM) estimate. 



What is ROM in estimating? It is a type of valuation used to determine the costs of various projects. The ROM assessment aims to provide stakeholders and decision-makers with an idea of ​​the approximate cost of the construction or IT projects. It is also called “approximate order of magnitude” or conceptual assessment. So, what does ROM stand for? Let’s clarify it in more detail.

https://jelvix.com/blog/rough-order-of-magnitude

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Jim Walsh
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