Estimating Flashcards
What is a range estimate?
Range- estimates tend to have a broad range at the start of the project where there is little information about the project and product scope, stakeholders, requirements, risks, and other information.
-25% + 75% at the beginning of a project when not much information is known
-5% - 10% after the project is well along
What is Accuracy?
Accuracy refers to the correctness of an estimate. “Bulls-eye”
What is precision?
The degree of exactness associated with the estimate.
Ex: Days is more precise than weeks. Not a “bulls-eye”, but small grouping
What is Deterministic Estimating?
Presents a single number or amount, such as 36 months.
What is Probabilistic Estimating?
Includes a range of estimates along with associated probabilities, such as 36 +3/-1 months .
What are absolute estimates?
Presented with specific information and use actual numbers, such as 120 hours of work or 15 days work.
What are relative estimates?
Shown in comparison to other estimates and only have meaning within a given context.
What is flow-based estimates?
Developed from cycle time and throughput. Cycle time is the amount of time it takes to get 1 unit through a cycle. Throughput is the number of items that can complete a process in a given amount of time.
What is cycle Time?
The time it takes to produce 1 unit from start to finish.
What is throughput?
Throughput is the number of items that can complete a process in a given amount of time.
What is lead time?
Startes when customer orders a product until it is delivered.
