Exam 5: Estimating Project Times and Costs

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?

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

All task time estimates need consistent time units.

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

The pattern of improvement identified from a worker having performed a task multiple time is known as a

Identify the drawbacks to an excessive LO 5-3 Describe the methods, uses, and advantages and disadvantages of top-down and bottom-up estimating methods.in estimating project times and costs.

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

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

Identify and briefly describe three out of the six factors that should be considered to improve the quality of estimates for project times and costs.

Repetition of a task generally results in a reduction of labor hours each successive time a worker performs that task.

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

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

Which of the following would best represent direct project costs?

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

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 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?

Mega Projects often under deliver on expected benefits and cost more than expected.

Learning curves are more likely to be applied in situations where most of the costs are

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.