Here at PACCAR we are about to enter the "capital budget planning process" for 2005. I'm wondering how other companies handle the concept of estimating how much a proposed project might cost given the rapidly changing IT world we live in. Here, it seems as though we make our best guess, double the cost estimate and tack on twice the hours expected to complete the project. Management then counters by approving the project with 25% of the requested budget and a larger scope. (with no option for negotiating, by the way...)
Is there a more practical way of planning for next year's projects?