7.2 Estimate Costs (Cost MGMT) Flashcards

1
Q

what is 7.2 estimate costs?

A

developing an approximation of the cost of resources needed to complete project work

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2
Q

what is a key benefit of 7.2 estimate costs?

A

determines the monetary resources required for the project

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3
Q

when is 7.2 estimate costs performed during a project?

A

periodically

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4
Q

7.2 estimate costs - inputs

A
  1. project management plan (3)
  2. project documents (4)
  3. EEF
  4. OPAs
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5
Q

what project management plan inputs are relevant for 7.2 estimate costs?

A

a. cost management plan
b. quality management plan
c. scope baseline

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6
Q

what project document inputs are relevant for 7.2 estimate costs?

A

a. lessons learned register
b. project schedule
c. resources requirements
d. risk register

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7
Q

what is a cost estimate?

A

a quantitative assessment of the likely costs for resources required to complete the activity

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8
Q

7.2 estimate costs - tools and techniques

A
  1. expert judgment
  2. analogous estimating
  3. parametric estimating
  4. bottom up estimating
  5. three point estimating
  6. data analysis (3)
  7. PMIS
  8. decision making (1)
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9
Q

what is analogous estimating?

A

uses values or attributes of a previous project that are similar to the current project

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10
Q

what is parametric estimating?

A

uses a statistical relationship between relevant historical data and other variables to calculate a cost estimate for project work

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11
Q

what is bottom up estimating?

A

the cost of individual work packages or activities is estimated to the greatest level of specified detail - cost is then summarized and rolled up

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12
Q

what is three point estimating?

A

uses three estimates to define an approximate range for an activity cost - cE (expected cost)
most likely = cM
optimistic = cO
pessemistic = cP

triangular distribution: cE = (cO + cM + cP)/3
beta distribution: cE = (cO + 4cM + cP)/6

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13
Q

what data analysis tools and techniques are relevant for 7.2 estimate costs?

A

a. alternative analysis
b. reserve analysis
c. cost of quality

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14
Q

what decision making tools and techniques are relevant for 7.2 estimate costs?

A

a. voting

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15
Q

7.2 estimate costs - outputs

A
  1. cost estimates
  2. basis of estimates
  3. project document updates (3)
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16
Q

what project document updates outputs are relevant for 7.2 estimate costs?

A

a. assumptions log
b. lessons learned register
c. risk register

17
Q

what are the basis of estimates?

A

details supporting the cost estimate that may include:

  1. estimate development
  2. assumptions
  3. constraints
  4. risks
  5. range of estimates
  6. confidence level