Project+ Study Notes 20

Question 1

For cost-estimating purposes, an ??? approximates the cost of the project at a high level by using a similar past project as a basis for the estimate. ??? uses historical data from past projects along with expert judgment to create a big-picture estimate. An ??? may be done for the project as a whole or for selected phases or deliverables. It is not typically used to estimate individual work packages.

Answer 1

analogous estimate

Question 2

Analogous estimating will likely be the best technique to use at the early stage of the project because you’ll have very little detail to go on. The key here is to make sure that everyone involved understands how imprecise this estimate is.

Answer 2

info

Question 3

commercial parametric modeling packages are available for complex projects or those performed within specialized industries. Parametric estimating is dependent on the accuracy of the data used to create the model.

Answer 3

info

Question 4

most precise cost-estimating technique is called the ???, which assigns a cost estimate to each work package on the project. The WBS and the project resource requirements are critical inputs for a ??? The idea is that you start at the work package level of the WBS and calculate the cost of each activity assigned to that work package. The sum of all the work package estimates provides the estimate of the total project cost.

Answer 4

bottom-up estimate

Question 5

??? are the most accurate of all the estimating techniques, but they’re also the most time-consuming to perform.

Answer 5

Bottom-up estimates

Question 6

When you are calculating cost estimates, you need to base the estimate on ???, which is the total time it will take for a person to complete the task if they do nothing else from the time they start until the task is complete.

Answer 6

work effort

Question 7

The final piece of data you need for a bottom-up estimate is the rate for each resource. Rates for labor and leased equipment are typically calculated on an hourly or daily rate, while the purchase of materials or equipment will generally have a fixed price.

Answer 7

info

Question 8

Deciding the correct rate to use for cost estimates can be tricky. For materials or equipment, the current cost of a similar item is probably as accurate as you can get. The largest cost for many projects is the human resource or labor cost. The actual rate that someone will be paid to perform work, even within the same job title, can fluctuate based on education and experience level. If you’re procuring contract resources, you’ll get a rate sheet that describes the rates for a given job title and the resource’s travel rates if they’re coming from out of town.

Answer 8

info

Question 9

are an average of the most likely estimate, the optimistic estimate, and the pessimistic estimate.

Answer 9

Three-point estimates

Question 10

assumes that costs will come in as expected. ex : work will come as expected, no obstacles, etc …

Answer 10

The most likely estimate