Exam 5: Estimating Project Times and Costs

A project manager is looking over the actual results of projects and comparing them to what was estimated. She notices that the projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is she recognizing?

The top-down method for estimating project time and cost that uses weighted variables based on major parameters and is frequently used in the development of software is known as the ____________ method.

Beyond scope and complexity, what do mega projects have in common? Name at least three common characteristics.

The estimating factor that considers the prevailing belief in some firms that detailed estimating takes too much time and is not worth the effort is an example of the ___________ factor.

The best way to __________________ is to collect and archive data on past projects.

Which of the following is a good condition for bottom-up estimating?

The estimating factor that considers the tendency to overestimate project time and cost in order to improve the likelihood of meeting the estimates is known as the ___________ factor.

What is the relationship between organizational culture and estimating?

Accounting would be an example of which of the following costs typically found in a project?

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

General and administrative costs are usually allocated as a percent of the total of a direct cost which includes labor, materials, or equipment.

Past experience is almost always used primarily in the initial phases of estimating.

The estimating factor that considers the decreasing accuracy of estimates as one forecasts activities that are further into the future is known as ____________.

When someone uses experience and / or information from others to determine the project duration and total cost, ____________ estimating is being used.

A good starting point for developing time and cost estimates is

Mega projects are large-scale, complex ventures that typically cost _______ or more and take many ______ to complete.

The preferred method for situations where the cost and time estimates are important, in a fixed contract situation, and when the customer wants a lot of detail is the ___________ approach to estimating project time and costs.

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Refining estimates may be necessary for a number of reasons. For example, design flaws being revealed after the fact, extreme weather conditions, and accidents occurring are good examples of

Estimating the total cost of a house by multiplying the total square feet by cost per square foot is an example of the apportion method of estimating costs.