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Suppose while a project is ongoing, you realize that an error in your cost estimate of one of the primary resources needed to complete was unaccounted for. What would you do?
Answer:
Once an error is noticed, you should quantify the impact on the project and report it to the senior management. This error would definitely affect the cost baseline. While we should always try to avoid mistakes, they do occur and it is our professional responsibility to report them to the management especially when it has a financial implication to the project.
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