4E - Estimate Time

Question 1

The process of identifying and adding extra time that will serve as contingency or management reserves to the duration estimates.

Answer 1

reserve analysis

Question 2

A predetermined amount of time, money, or resources set aside in advance to be used to further the project’s objectives in the event that unknown risks or accepted known risks become reality.

Answer 2

contingency reserve

Question 3

Buffers added to the project tasks for unplanned changes to the project scope and cost.

Answer 3

management reserves

Question 4

A top-down estimating technique using duration of previous similar activities to estimate future duration.

Answer 4

analogous estimating (top-down estimating)

Question 5

A technique that is used to predict total project costs by using the project’s characteristics and historical information in a mathematical model.

Answer 5

parametric estimating

Question 6

A method of activity duration estimating in which three types of estimates are incorporated into a singular duration estimate scenario: most likely, optimistic, and pessimistic.

Answer 6

three-point estimating

Question 7

A method of estimating the cost for each work package in the WBS. The estimates are then rolled up or aggregated for progressively higher levels within the WBS.

Answer 7

bottom-up estimating