Estimation types Flashcards
1
Q
Rough order of magnitude
A
Simple, early estimate. Range of variance is -25% to +75% for the project completion.
2
Q
Budget estimate
A
Early planning estimate and/or top down approach. Range of variance is -10% to +25% for the project completion.
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.
4
Q
Bottom up approach
A
Requires a WBS and account for each work package
5
Q
Analogues approach
A
Creates an analogy between project; also known as a top-down estimate.
6
Q
Parametric
A
Uses a parameter, cost per ton, cost per unit for the estimate.