Exam 5: Estimating Project Times and Costs

The bottom-up method of estimating where work package time and costs for past projects are used as a starting point for a new project and adjustments are made based on differences in the new project is known as the ___________ method.

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

The consensus method of estimating costs is a bottom-up technique.

Cost,time,and budget estimates are the lifeline for control;they serve as the standard for comparison of the actual and the planned throughout the life of the project.

A good starting point for developing time and cost estimates is

Sean is forecasting the time and cost of developing a customized software program by looking at the number of inputs,outputs,inquiries,files,and interfaces.Which of the following methods is he using?

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.

Which of the following is NOT true in regard to the level of detail estimates should contain?

Which of the following is NOT one of the factors that need to be considered to improve quality of estimates for project times and costs?

Phase estimating is used when a project cannot be rigorously defined because of the uncertainty of design or the final product.

Jose is forecasting project time and cost for constructing a new building by multiplying the total square footage by a given dollar amount.He is using the ___________ method of top-down estimating.

Costs that are associated with time devoted to the coordination in meetings and briefings as well as time necessary to resolve disconnects between tasks are known as ____________ costs.

When work package estimates are made by individuals most knowledgeable about the work being performed and these estimates are then "rolled up" to find estimated costs for major deliverables and the project itself,____________ estimating is being used.

After averaging out the underestimates and overestimates,a long-duration project is more likely to be on target than a short-term,small project.

Laura is forecasting the time and cost of developing an intranet for a new customer.Her department has completed six such intranets for customers during the last two years.Although the proposed system is about the same size as the others,she estimates that it will take about 10 percent less time and money.Which of the following methods is she using?

The preferred method for situations involving strategic decision making,projects with a high degree of uncertainty,and projects with an unstable scope is the ___________ approach to estimating project time and costs.

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

If a project is internal to the company and relatively small,the bottom-up approach to estimating time and costs for the project is the best choice.

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

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