Estimating Flashcards
What aspects of the project will have greatest influence on the estimating method being used?
A The point in the life cycle where the estimate is being carried out.
B The overall budgeted value of the project being estimated.
C Whether the project is likely to proceed or not.
D The amount of acceptable estimating tolerance that exists.
A The point in the life cycle where the estimate is being carried out.
What is the prime advantage of using a parametric estimating method?
A Accuracy
B Ability to deal with detailed information
C Independence from historic data
D Speed
A Accuracy
Which of the following statements about estimating is true?
A Post project reviews are a prime source of estimating data.
B An estimated cost for a project must be within 10% to be of any use.
C If you cannot estimate task durations to within 20% there is no point in developing a schedule.
D The project manager should always add 10% to other people’s duration estimates to allow for natural optimism.
A Post project reviews are a prime source of estimating data.
The project you are working on has chosen to produce an estimate using a detailed work breakdown structure (WBS). What estimating method is this approach commonly known as?
A Comparative estimating
B Bottom-up/analytical estimating
C Strategic estimating
D Parametric estimating
B Bottom-up/analytical estimating
The concept that describes how estimating accuracy changes through the project life cycle is termed:
A estimating risk.
B estimating funnel.
C normal values.
D parametric estimating.
B estimating funnel.
What is the estimating method that uses data from a similar project as the basis for the estimate?
A evaluate estimating
B Risk based estimating
C Analogous estimating
D Analytical estimating
C Analogous estimating
When the project progresses through the life cycle, which one of the following aspects would be expected to occur?
A The accuracy of the estimates reduces and the level of contingency requirement increases.
B The accuracy of the estimates increases and the level of contingency requirement reduces.
C The accuracy and level of contingency requirement both increase.
D The accuracy and level of contingency requirement both reduce.
B The accuracy of the estimates increases and the level of contingency requirement reduces.
What is one of the main features of using analogous method of estimating?
A The individual group members use a statistical relationship between historic data and other variables to calculate an estimate.
B The task of producing the estimates will be delegated to those who are actually going to deliver the individual pieces of work or work packages.
C The individual group members, who are tasked with providing the estimates, do this in isolation from each other.
D The individual group members identify a previously delivered project of the same size, complexity and delivery method.
D The individual group members identify a previously delivered project of the same size, complexity and delivery method.
What is a likely benefit of re-estimating throughout the project life cycle?
A The project will be much more economically viable.
B The business case is justified to a greater degree.
C Overall project duration is reduced.
D Reduction in contingency reserves are achieved.
D Reduction in contingency reserves are achieved.
What estimating method is most commonly used in the definition phase of the project life cycle?
A Analogous
B Analytical
C Parametric
D Statistical
B Analytical
When in the project life cycle might analogous estimating be most commonly used?
A Transition
B Concept
C Deployment
D Definition
B Concept
What factor creates the effect of the estimating funnel?
A Project team getting to know each other better.
B Utilisation of learning and experience.
C Project scope increasing in cost.
D Use of linear life cycle.
B Utilisation of learning and experience.
