Estimating activities Flashcards
Estimates are prepared for :
Time
Cost
Manpower
Material cost
Travel cost
Equipment – capital / rental
Other administrative cost
true
estimates are not prepared for travel cost
false
predictions are not based on assumptions
false
predictions are linked to probabilities
true
predictions have no risk
false
predictions are related to confidence
true
Estimates are predictions for following
parameters:
time
resources
supply
false
time
resources
cost
Estimates are predictions for following
parameters:
Time – accomplishment of work in terms of hours, days, weeks, months and years
Resources – units of labour, equipment or supplies
Cost – how each work package will cost and total cost of the project
true
selected work packages are estimated
false
each work package is estimated
estimation is supplied to a schedule
true
Each work package are estimated
They are applied to the schedule
This process is called resource allocation or resource distribution
true
it is important to create a budget driven plan and not a plan driven budget
false
§it is important to create a plan driven budget and not a budget driven plan
In case of imbalance, iteration is applied which is called resource smoothing
true
wbs is not the foundation for estimation
false
Using WBS in estimation Functional decomposition – gets progressively larger
false
Functional decomposition – gets progressively smaller
Using WBS for estimation Functional decomposition – gets progressively smaller
true
In case of imbalance, iteration is applied which is called resource allocation or resource distribution
False
In case of imbalance, iteration is applied which is called resource smoothing
it is important to create a plan driven budget and not a budget driven plan
true
For each activity, develop a statement of work
Technical specification
End product
Performance of the product
Quality
Reliability
Survivability
Operability
maintainability
true
Project assumptions, Constraints and exclusions include
Basis for assumptions
Identification of constraints
Quality
false
oProject assumptions, Constraints and exclusions
-Basis for assumptions
-Identification of constraints
-Exclusions well defined
For each activity, develop a statement of work
Compliance standards include :
Government
Institutional
International
Organizational
Quality linked
Customer linked
true
steps in estimating activities are
1.For each activity, develop a statement of work
2. Functional group to document
3. Review the estimate for all activities of project and clear discrepancies
true
In steps for estimating activities Functional group to document include :
How estimation is made
Identification of constraints
Assumption consider
Validity of estimation
false
2.Functional group to document
oHow estimation is made
oAssumption consider
Validity of estimation
These are the estimating methods Analogous (historical) Approach
Parametric modeling
Bottom of estimate
Simulation
true
Survivability is a estimating method
false
what even
analogous approach uses mathematical parameter
false
parametric modeling uses that
Analogous approach uses the actual cost and duration of similar project in past
true
bottom up estimation is the historical approach
false
analogous is
in analogous approach Project data is retrieve from past project in terms of
actual time
cost
labour used
true
simulation method is also called top down estimate
false
analogous
parametric modeling uses mathematical parameter
true
parametric modeling has industry standard
true
analogous approach is cost and duration of individual work packages
false
bottom up
analogous approach is called top down estimate
true
E.g. construction industry – per sq.ft. cost
above is example of bottom up estimate
false
parametric
in bottom up estimate Cost taken from top row of activities from – WBS
false
Cost taken from bottom row of activities from – WBS
in bottom up estimation More accurate form of estimate – higher cost
true
in bottom up estimate Cost taken from bottom row of activities from – WBS
true
simulation is mathematical based
false
computer based
simulation Calculates multiple cost or durations
true
simulation is computer based
true
Most common method – Monte Carlo method
true
simulation is Useful for large or complex project
true
Most common method – Marco polo method
false
lmao this was so funny
monte carlo
in ownership of the estimate, Estimate dictated to functional group/department generates little or no loyalty
true
Ownership of the Estimate
Stakeholders – answerable and unaccountable
false
§Ownership of the Estimate
Stakeholders – answerable and accountable
§Ownership of the Estimate
Stakeholders – answerable and accountable
true
politicize estimates in an attempt to make supervisors, customers, or clients happy
false
do not
Negotiate budgets first and requirements second
Negotiate requirements first and budgets second
When considering eight hour shift, do not pay
attention to :
Missed productivity from vacations, sick leave, holidays, meetings, and training
false
pay attention
Formula for Estimation
Estimated time = [optimistic + (4 × most likely) + pessimistic]/5
False
Estimated time = [optimistic + (4 × most likely) + pessimistic]/6
Contingency to build into project and budget
Conceptual phase: + 50 percent
Preliminary engineering phase: + 25 percent
Detailed engineering phase: + 10 percent
Construction phase: + 5–7 percent
true
improving estimation over time is based on current experience and project progress
true
