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Cost Estimation in Project Management

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Questions and Answers

What is the purpose of cost estimation in project management?

To provide a detailed breakdown of the project tasks.

To establish the baseline of the predicted project cost at different stages of development. (correct)

To control the quality of the project deliverables.

To determine the schedule and timeline of the project.

Which method in estimating involves a straightforward assessment made by an estimator or performer familiar with the work being estimated?

Parametric estimating

Direct estimating (correct)

Indirect estimating

Statistical estimating

What is the primary basis for an estimate in project management?

Estimation of project duration

Control of costs (correct)

Prediction of profit and loss

Measurement of productivity

In cost estimating, what are the basic assumptions for making an estimate?

There is some clarity in the project objectives Signup and view all the answers

What does direct estimating involve?

Observation & study of the tasks to be performed Signup and view all the answers

What function does cost estimating serve in project management?

To predict costs and determine the budget, bid, or contract price. Signup and view all the answers

Which method of estimation involves collecting and organizing historical information through mathematical techniques?

Statistical and parametric estimating Signup and view all the answers

What does CER stand for in the context of estimation?

Cost Estimating Relationships Signup and view all the answers

What is the widely used type of estimating relationship according to the given text?

Linear Signup and view all the answers

What is the advantage of using firm quotes as a method of estimation?

It offers a choice from multiple sources Signup and view all the answers

What are the three categories of information necessary for the reliability of any estimate, according to the text?

Project Requirements, Resources, Prices Signup and view all the answers

What is necessary for the betterment of an estimate according to the text?

The identification of project scope of work Signup and view all the answers

What impacts costs related to projects based on rules and liabilities coverage demanded by the project?

Appreciation of contract documents Signup and view all the answers

Which category of information may be limited to the date when previous projects were implemented?

Information about prices Signup and view all the answers

What is an important factor for good estimates according to the text?

Understanding limitation of information vis-à-vis rough or detailed estimates Signup and view all the answers

What method involves comparison with a similar task/s (past or present) for estimation?

Estimation by analogy Signup and view all the answers