Which approach to estimating project time and cost is usually completed by upper management?

What is the relationship between organizational culture and estimating?

Cultural norms affect the accuracy of estimates.

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?

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

When there is a fixed price contract

Which of the following methods is NOT considered a top-down approach to estimating project time and cost?

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?

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

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

Detailed estimates are crucial to project success; therefore, an effort should be made to make estimates as detailed as possible for all projects.

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

General and administrative overhead

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

Creating historical databases of previous projects

Which of the following top-down methods is used when projects closely follow past projects in regard to features and costs of those features, and result in costs being assigned by percentages to major segments of the project?

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Changes in project scope.

While it may be true that Mega Projects are by nature extremely difficult to estimate, another factor identified in the consistent pattern of estimating difficulties is:

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.

The estimating factor that considers the skill level of participants doing the estimating is known as the ________ factor.

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.

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.

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ________.

Project costs such as labor and materials are typically classified as ________ costs.

Project estimates should be broken down into as much detail, and with as much accuracy, as possible.

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

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

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

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.

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

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

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.

All task time estimates need consistent time units.

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

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

Estimates are supposed to be based on normal conditions. While this is a good starting point, it rarely holds true in real life.

Identify and briefly describe the two major classifications of estimating project time and costs.

(1) Top-down estimates are made for the project as a whole and typically made by top management; (2) Bottom-up estimates are made at the work package level and by those responsible for completing the work packages.

Describe the ideal approach for a project manager to develop optimal estimates for a project's time and costs.

The ideal approach is to allow enough time for both the top-down and bottom-up estimates to be worked out and included in the final plan.

What is the most accurate method of estimating the cost of a project?

What are the main two approaches to estimating the project costs?

What are the methods for estimating project times and costs?

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