Problem: Accurate estimation of project timelines. costs, and resources is crucial for successful planning and execution of any projects. However, estimating these variables can be challenging, as projects often involve unique and complex factors. To address this challenge, project managers commonly employ estimation techniques such as analogous estimation and expert opinion.
1. By giving an example, how can analogous and expert opinion estimation be utilized to estimate project timelines and costs in project management?
2. Discuss the common challenges that project managers may encounter when using analogous estimation and expert opinion in project management.