Week 5 cost management

Question 1

analogous estimates

Answer 1

top-down estimates. Use the actual cost of a previous, similar projects as the basis for estimating the cost of the current project. Less costly but also less accurate

Question 2

bottom-up estimates

Answer 2

estimating individual activities and summing them up. can use WBS and ask ppl responsible for work packages to send estimates. more accurate but more costly and time consuming

Question 3

Parametric Modeling

Answer 3

mathematical models. most reliable when you have accurate historical measurements

Question 4

cost baseline

Answer 4

time-phased budget that project managers use to measure and monitor cost performance

Question 5

Project budget

Answer 5

Cost baseline plus management reserve

Question 6

control account

Answer 6

workpackage cost estimate plus contingency reserves

Question 7

to-complete performance indext

Answer 7

cost performance that must be achieved to on the remaining work in order to meet a specified goal