Why is stakeholder involvement crucial during the estimating phase?

Stakeholder involvement during the estimating phase is crucial primarily because stakeholders provide valuable input on project requirements. Their insights and perspectives help to ensure that the project estimates are accurate and reflective of the actual needs and expectations. Stakeholders often include clients, end-users, and other parties who have a vested interest in the project's outcome. By involving them in the estimating process, the project team can gather important information regarding functionality, quality expectations, and any unique requirements that may not be immediately obvious. This collaborative approach can lead to more precise and reliable cost estimations, as it integrates the expectations and requirements of those who will ultimately be impacted by the project.

Involving stakeholders also increases the likelihood of project success, as it fosters open communication and establishes a sense of ownership and accountability among all parties involved. Their contributions can help to mitigate potential issues that might arise later in the project due to misunderstandings or overlooked requirements. Therefore, stakeholder engagement is fundamental to creating a solid foundation for accurate estimating and successful project delivery.