Exam 5: Estimating Project Times and Costs

Identify the drawbacks to an excessive level of detail in estimating project times and costs.

Describe phase estimating.When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

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

Which of the following would best represent direct project costs?

As long as everyone in a project adds a little padding to reduce risk,the project duration and cost estimates will be more accurate.

Janet is forecasting how much money her department needs to support a new project.She estimates that two people and $25,000 in expenses will cover her needs.Because management typically insists on reducing forecasts by 20 percent,she increases her estimates to allow for that reduction.Which of the following factors is illustrated in this situation?

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

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

List and briefly describe four reasons why estimating time and cost are important to project management.

Which of the following does NOT help describe a bottom-up estimating approach?

In practice,estimating processes are frequently classified as

The salary of the project manager and her administrative assistant is classified as direct labor costs.

The information necessary to conduct a bottom-up estimate of project time and costs starts with the ___________.

Richard is collecting estimates for a house that he will have the funding to build in 12 months.Which of the following factors does Richard need to consider in regard to the quality of these estimates?

The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as

Costs that are not directly related to a specific project,such as advertising,accounting,and senior management's salary,are classified as _____________ costs.

Refining estimates may be necessary for a number of reasons.For example,people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of

Which of the following is a good condition for top-down estimating?

The estimating approach that is best to use on projects where there is an unusual amount of uncertainty surrounding the project and when it is impractical to estimate times and costs for the entire project is known as ___________.

Work package estimates should include allowances for contingencies.