Exam 5: Estimating Project Times and Costs

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.

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?

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

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.

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

Jose is forecasting project time and cost for constructing a new building by multiplying the total square footage by a given dollar amount.Which of the following methods is he using?

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

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.

Benefits of Reference Class Forecasting include

The ideal approach to estimating project time and costs is to use both the top-down and the bottom-up approach.

The salary of the project manager and temporary rental space for the project team would be classified as __________ costs.

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

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

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

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

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?

In practice, estimating processes are frequently classified as

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 ___________.

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

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.