6.9 Explain Approaches To Producing Estimates

Question 1

What does Delphi use to estimate and for what ?

Answer 1

Delphi uses a set of experts to independently provide estimates for a task or project

Question 2

What can the project manager use the Delphi method to estimate

Answer 2

A project manager can use the Delphi method to estimate a projects cost or duration

Question 3

How does the project manager use the Delphi method to estimate a projects cost or duration ?

Answer 3

By obtaining independent estimates from experts

Question 4

What would the experts be asked ?

Answer 4

The experts would be asked to anonymously provided an estimate along with their rationale

Question 5

What happens to the experts estimates and what is provided to experts based on what ?

Answer 5

The estimates are collared and summarised and feedback is provided to the experts based on the results

Question 6

What happens with the process in the Delphi method ?

Answer 6

The process is repeated until a consensus is reached

Question 7

What does the Delphi method typically involve and why ?

Answer 7

Multiple rounds of questionnaires and surveys so that overtime the Experts estimates will converge and therefore be more accurate

Question 8

When is the Delphi method favourable and why ?

Answer 8

The Delphi method is favourable when dealing with complex project as it allows for the intergration of multiple experts opinions which minimised individual biases and assumptions.

Question 9

What does the Delphi method help find and what can it do ?

Answer 9

It helps find areas of consensus and disagreement which can guide decision making and prioritise areas for further investigation and research

Question 10

The Delphi method can be a quick way of what ? And what can be challenging using this method ?

Answer 10

Quick way of estimating
Maintaining the large data set can be challenging

Question 11

What does the analogous method use and why ?

Answer 11

Historical data from previous comparative projects to inform the estimates for a new project

Question 12

What does the analogous method provide and what does that enable ?

Answer 12

The analogous method provides a high level estimate of the cost of delivering a projects outputs enabling the project sponsor and steering group to understand at high level the project cost and at a basic level understand the project viability

Question 13

What does the analogous method enable the project sponsor and steering group to understand and at what levels ?

Answer 13

At a high level the projects cost and as a basic level understand the projects viability

Question 14

As the analogous method is reasonably quick what is it likely to be and when ?

Answer 14

The analogous method is reasonably quick and is likely to be way of getting initial estimates when limited data is available

Question 15

What else’s can the analogous method help identify and based on what ? And what can it guide ?

Answer 15

Risks and issues based on the experience of previous similar project

Which can guide decision making and risk management

Question 16

What is it common for the analogous method to provide ?

Answer 16

The basis for the decisions to proceed with the project

Question 17

Delphi uses a set of ________ to ________ _________ estimate for a _______ or ________. A project manager can use the _______ method to ______ a project ______ and _______ by_______________ estimates from
_______.

Answer 17

Experts
Independently provide
Task or project
Delphi
Estimate
Cost and duration
Obtaining
Experts

Question 18

The experts would each be asked to ___________ provide an _______ along with their ____________ the Estimates are then ____________ and ___________ and Feedback is provided to the experts based on the _______ the process is ______until a ________is reached.

Answer 18

Anonymously
Estimate
Rational
Collated
Summarised
Results
Repeated
A consensus

Question 19

This typically involves _________ rounds of _______ and ______ so that overtime the experts estimates will _______ and therefore be more __________.

Answer 19

Multiple
Surveys and questionnaires
Converge
Accurate

Question 20

The Delphi method is favourable when dealing with ___________ as it allows for
The __________ of ________ expert ________ which can _____________ individual _________ and _________. It also helps to find ___________ of ________ and ________ which can guide __________ and _________ areas for _________ and _________.It can be a quick way of estimating however ____________ the large _______________ can be _________

Answer 20

Complex projects
Integration
Multiple expert opinions
Minimises individual biases and assumptions
Areas of consensus and disagreement
Decision making and prioritise
Research and investigation
Maintaining the large data set can be challenging

Question 21

The analogous method uses _________ data from previous ________________ to inform the ________ for a new _______.

Answer 21

Historical
Comparative
Estimates
Project

Question 22

The analogous method
Provides a ___________ estimate of the _________ of _________ a projects _________ enabling the _______________ and ___________ to understand at a ____________ the projects _________ and at a _____________ understand the projects _________.

Answer 22

High-level
Cost of delivering a project outputs
Project sponsor and steering group
High level the project cost
Basic level viability

Question 23

The analogous method is reasonably ________ and is likely to go a way of getting ______________ when _____________ is _________. It can also help to identify ________ and ________ based on the ________ of previous _______ projects which can guide _________ and ____________ where it is common for this type of estimate to provide the ____________ for the ________ to __________ with the project.

Answer 23

Quick
Initial estimates
Limited data is available
Risks and issues
Experience of previous similar Rolexes
Decision making and risk management
Basis for the Decision to proceed with the project.

Question 24

The parametric method can be used when there is a _______________ between ________ and __________ however it relies on there being a set of __________ therefore can not be used in all situation.

Answer 24

Statistical relationship between historical and new data.
Historical data

Question 25

The parametric method is more __________ and __________ than other methods as it allows for ______________ in estimates and is particularly useful when estimating _______________ where a slight _________________ can significantly impact the projects outcome.

Answer 25

Reliable and precise a slight variance in estimates
Complex project
Variance in estimates

Question 26

The parametric method provides a ____________ and _________ approach for estimating a projects _________ and _________ and allows for more _____ and ________ estimates reducing potential _________ and __________ in cost and time __________.

Answer 26

Systematic and data drive
Cost and duration
Accurate and objective estimates
Biases and errors

Question 27

The analytical method makes use of a detailed ____________ with task being estimated at the _________ and those estimates are rolled up to __________

Answer 27

Work break down structure
Lowest level
Project level

Question 28

The project would need a _______ and ______ work ________ in order to use an ________ or ___________ method for estimating.

Answer 28

Detailed
Accurate
Work break down structure
Analytical of bottom up

Question 29

The analytical method is likely to be used when a more thorough _________ is ______ or if there are no previous ________ to rely on as it is a very _________ way of ________ a
Projects ________ in a very _________ and ________ way.

Answer 29

Cost estimate
Required
Metrics
Accurate
Budget
Detailed and granular way

Question 30

The project manager can __________ each of the projects task and _______ estimates to each and _________ these estimates to get a full __________ for the project depending on _________ and _________.

Answer 30

Analyse
Attribute
Estimate
Their experience and expertise

Question 31

It is likely that the project team members such as the ________ and _________ will provide estimates for the ________ within their _________ and then roll them up into an _________ for the project. This method can be __________ and ____________ due to
The need to ________ every ________

Answer 31

Work steam lead and subject matter experts
Tasks within their domain
Overall estimate for the project
Time consuming and resource intensive
Detail every component

Question 32

What does the parametric method reduce and for what ?

Answer 32

Reduce a potential bias and errors in cost and time predictions

Question 33

What type of approach does the parametric method provide and what does the parametric method allow for ?

Answer 33

A systematic and data driven approach and allows for more accurate and objectives estimates

Question 34

What are the methods for estimating ?

Answer 34

Delphi
Analogous
Parametric
Analytical