Final answer:
Collecting and archiving data on past project estimates and actuals can help improve estimates by identifying patterns and trends. However, this approach may not be effective for unique projects.
Step-by-step explanation:
The statement "The best way to improve estimates is to collect and archive data on past project estimates and actuals" can be true in many cases. By collecting and analyzing data on past project estimates and actuals, you can identify patterns and trends that can improve future estimates. For example, if you consistently underestimate the time it takes to complete a certain type of project, you can adjust your estimates accordingly. This can lead to more accurate and reliable estimates in the future. Additionally, by documenting and archiving the data, you can refer back to it for future projects, making it easier to estimate similar tasks or projects.
However, there are some cases where this statement may not be true. For instance, if the projects you are estimating are unique and have little to no similarity to previous projects, collecting data on past estimates and actuals may not provide much benefit. In these cases, it may be more effective to gather information from other sources or rely on expert judgment and industry benchmarks for estimating.