Podcast
Questions and Answers
What is the purpose of cost estimation in project management?
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?
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?
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?
In cost estimating, what are the basic assumptions for making an estimate?
What does direct estimating involve?
What does direct estimating involve?
What function does cost estimating serve in project management?
What function does cost estimating serve in project management?
Which method of estimation involves collecting and organizing historical information through mathematical techniques?
Which method of estimation involves collecting and organizing historical information through mathematical techniques?
What does CER stand for in the context of estimation?
What does CER stand for in the context of estimation?
What is the widely used type of estimating relationship according to the given text?
What is the widely used type of estimating relationship according to the given text?
What is the advantage of using firm quotes as a method of estimation?
What is the advantage of using firm quotes as a method of estimation?
What are the three categories of information necessary for the reliability of any estimate, according to the text?
What are the three categories of information necessary for the reliability of any estimate, according to the text?
What is necessary for the betterment of an estimate according to the text?
What is necessary for the betterment of an estimate according to the text?
What impacts costs related to projects based on rules and liabilities coverage demanded by the project?
What impacts costs related to projects based on rules and liabilities coverage demanded by the project?
Which category of information may be limited to the date when previous projects were implemented?
Which category of information may be limited to the date when previous projects were implemented?
What is an important factor for good estimates according to the text?
What is an important factor for good estimates according to the text?
What method involves comparison with a similar task/s (past or present) for estimation?
What method involves comparison with a similar task/s (past or present) for estimation?
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