Estimation types Flashcards

1
Q

Rough order of magnitude

A

Simple, early estimate. Range of variance is -25% to +75% for the project completion.

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2
Q

Budget estimate

A

Early planning estimate and/or top down approach. Range of variance is -10% to +25% for the project completion.

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3
Q

Definitive estimate

A

Most accurate estimate, but takes longest to complete; use bottom-up approach. Range of variance is -5% to +10% for the project completion.

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4
Q

Bottom up approach

A

Requires a WBS and account for each work package

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5
Q

Analogues approach

A

Creates an analogy between project; also known as a top-down estimate.

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6
Q

Parametric

A

Uses a parameter, cost per ton, cost per unit for the estimate.

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