What is the best approach when seeking additional precision in estimates after analysis?

The best approach for seeking additional precision in estimates after analysis is to start with estimates about which there is the most uncertainty. This is because uncertainty highlights areas that may require more detailed examination or additional data. When you identify estimates with higher uncertainty, it suggests that there may be a greater range of possible outcomes or key factors at play that could influence the accuracy of the estimates.

By focusing on these uncertain estimates, you can prioritize your efforts on refining and clarifying those areas that have the potential to significantly affect overall results. In doing so, you can also gather more specific information or employ more detailed modeling techniques that address the sources of uncertainty, thus improving overall precision.

This approach contrasts with others that might not be as effective in enhancing the accuracy of your estimates. Starting with fully agreed-upon estimates might lead to complacency and a lack of critical appraisal of their precision. Consulting management may bring valuable insights, but might not directly address the fundamental uncertainties present in the numbers. Re-evaluating all past estimates equally could dilute focus and resources away from the areas that genuinely need more attention, missing opportunities to enhance precision where it matters most.