6.10 Explain - Benefits & Reasons - Re-Estimating throughout the project life-cycle

Question 1

What are the benefits of re-estimating throughout the projects lifecycle ?

Answer 1

Likelihood of adhering to overall estimates
Clarity of scope
Realisation of an accepted risk

Question 2

Was does re-estimating throughout the project life cycle provide visibility of and what do does that allow ?

Answer 2

Anticipated estimating variances
Which allows targeted actions in response

Question 3

Using the latest productivity data allows to the project team to ? And see what ?

Answer 3

Re- estimate the projects final cost and timescales and see whether the estimating variances have an impact on the project.

Question 4

What can the PM do If the estimated variances have an impact on the project ?

Answer 4

The project manager is able to this information to escalate to the project sponsor and draw down funding , negotiate more time for the project or re- examine the projects scope and de-prioritise.

Question 5

What does re-estimating allow the project manager to implement and to who and what can the project manager escalate ?

Answer 5

Correction action and escalate to the project sponsor when variances are spotted

Question 6

What happens to the project team as the project progresses and what can they do ?

Answer 6

The project team would become part of the organisation

Where they can apply their specific technical expertise to clarify what is required to achieve the projects scope.

Question 7

What does re-estimating at the point of the project team applying there technical
Expertise to clarify what is required to achieve the scope help to do and what do it allow?

Answer 7

It helps to increase the accuracy of estimation and would allow the project team to understand the impact of the clarification of scope on the projects budget and timescales

Question 8

What does understanding the impact of the clarification of scope on the project budget and timescales provide and what does it allow the project team to determine ?

Answer 8

It provides increased confidence in delivery and allows the project team to determine whether the project will still meet the success criteria or whether the clarification of scope has pushed the projects Boundaries

Question 9

Apart from determining whether the project will still meet the success criteria or whether the clarification of scope has pushed the boundaries what’s else’s can re-estimating allow the project team to do ?

Answer 9

Identify any further threats or opportunities that are more apparent due to clarification

Question 10

What does re-estimating at the point of realising an accepted risk allow the project manager to do and how is it beneficial ?

Answer 10

Understand the impact of the realised risk on the project this is beneficial because the project manager would then Be able to discuss the situation with the project sponsor and if necessary draw down the contingency set aside for the project .

Question 11

What does re-estimating though out the project lifecycle when it results in the realisation of an accepted risk offer and why and what does it help to identify and address ?

Answer 11

Offers the benefit of risk mitigation as it allows for ongoing risk assessment and management helping to identify and address potential issues early insuring the project remains on track

Question 12

Re-estimating throughout the projects lifecycle provides ___________ of ___________ estimating __________which allows for ____________ in response

Answer 12

Visibility
Anticipated
Variances
Targeted actions

Question 13

Where using the latest ________the project team can _________ the projects final ________ and _________ and see whether the ______________ have an _________on the project if so the project manager is able to _________ to ________the situation to the ____________ and ___________, ______________ or _____________ the project scope and _________

Answer 13

Productivity data
Re-estimate
Cost and timescales
Estimating variances
Impact
Use this information
Escalate
Project sponsor
Draw down funding
Negotiate more time for the project
Re-examine the project scope and de-prioritise

Question 14

Re-estimating allows the project manager to ________________ action and ________ to the project sponsor when _________ are spotted

Answer 14

Implant corrective action
Escalate
Variances

Question 15

As the project progress the project team would _____________ where they are able to apply their _________________ to clarify what is ___________. Re-estimating at this point would help to _________ the __________ and allow the project team to _______the impact of ___________ on the projects this provides __________ in _____ and allows the project team to __________ whether the project __________ the __________ or whether the ______________ has __________ and identify any further __________ or ________ that have become more __________ due to the __________

Answer 15

Become part of the organisation
Specific technical expertise
Required to achieve the scope
Further increase the accuracy of the estimation
The clarification of scope on the project cost and timescales
Increase confidence in the delivery
Determine
Will still meet the success criteria
Clarification of scope has pushed the projects boundaries
Threats or opportunities apparent due to the clarification of scope

Question 16

Realisation of an accepted risk: re-estimating at this point will allow the project manager to ___________ the _______ of the realised risk on the project this is __________ because the project manager will then be able to ______________ with the project sponsor and if necessary draw ____________ set at side for the project.

Answer 16

Understand the impact
Beneficial
Discuss the situation
the Contingency

Question 17

Re-estimating through out the projects lifecycle when it results in the ________ of an _________ risk offers the benefits of ____________ as it allows for
_______ risk ________ and ________helping to _______ and ________ potential _________ early ensuring the project ________

Answer 17

Realisation of an accepted risk
Risk mitigation
Ongoing Risk assessment and management
Identify and address risk
Remains on track