Chapter 21 - Business Development and Project Management

Question 1

Analogous Estimates

Answer 1

Estimates based on the time or cost that it took to complete similar work in the past.

Question 2

Parametric Estimates

Answer 2

Estimates based on dollar/foot, dollar/drop. Typically used for developing a rough order of magnitude quote and to double check analogous estimates.

Question 3

Engineering Estimate

Answer 3

Estimates put together but the engineers or architects of the project that will be used to estimate potential bids

Question 4

PERT Estimate

Answer 4

Estimating technique that accounts for potential overruns and underruns in the project.

Optimistic Estimate
Most Likely Estimate
Pessimistic Estimate

(Optimistic + (4 X Most Likely) + Pessimistic)/6