Exam 5: Estimating Project Times and Costs

A way to improve estimates on future projects is to collect and archive data on past project estimates and actuals.Creating a ___________ for estimating is a way to achieve this goal.

Identify the three major categories of project costs and give an example of each.

One guideline to follow when estimating time,cost and resources is to use several people to make the estimate for a task.

The process of forecasting or approximating the time and cost of completing project deliverables is called

Companies are using which of the following for improving the estimating process for future projects?

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

What is the relationship between organizational culture and estimating?

If time and costs are important to a project the top-down approach to estimating time and costs for the project is the best choice.

List and describe two reasons why estimates may need to be refined.

Reasons why estimating time and cost are important include all of the following EXCEPT

The salary of the project manager would be an example of what type of cost found in a project?

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

Which of the following would be the best method for projects where the final product is not known and the uncertainty is very large?

Rob is responsible for estimating a work package that has a significant amount of uncertainty associated with the time and cost to complete.Due to the uncertainty involved he will be making a low,an average and a high estimate.Rob is using which estimating approach?

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Under what conditions would the top-down approach to estimating project times and costs be the best choice?

Refining estimates may be necessary for a number of reasons.For example,resource shortages,in the form of people,equipment,or materials,can extend original estimates.This is a good example of

Top-down estimates usually are derived from someone who uses experience and/or information to determine the project duration and total cost.

The process of forecasting or approximating the time and cost of completing project deliverables is called planning.

Organization culture can significantly influence project time and cost estimates.