Describe the ideal approach for a project manager to develop optimal estimates for a project's time and cost.

Have an understanding of what's involved, plan and prioritize, estimate and calculate how failures would be handled

Explanation:

There some key things the project manager can consider when developing optimal estimates for a project's time and cost. Here are the following;

i) Having an understanding of what's required; it is vital to try understanding what the project entails, what the outcome should be. This guards in carrying out a proper plan and prepare for success and challenges.

ii) Plan activities and tasks based on priority; every plan on the project should be timed with the least or the maximum date or time it should or would take to carry out.

iii) Calculate for failure; it's very important to understand that there would be failures that would come up on the project, so it's good to have ways to tackle them or a back up plan to avoid been left stranded on a particular spot when on the project.

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