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According to the passage, what is the primary purpose of cost estimates during the conceptual phase of a project?
According to the passage, what is the primary purpose of cost estimates during the conceptual phase of a project?
- To compare the potential returns of competing project proposals (correct)
- To determine the exact budget required for the project
- To provide a basis for negotiating contracts with vendors
- To allocate resources for detailed cost estimation in later phases
Which of the following is true regarding analogous estimates in project cost estimation?
Which of the following is true regarding analogous estimates in project cost estimation?
- They are only used in the later, more detailed phases of project estimation
- They are considered the most accurate and resource-intensive method of estimation
- They rely on adjusting cost estimates from previous, similar projects (correct)
- They are based on standardized formulas and do not require expert judgment
According to the passage, what is a key factor in determining the accuracy of analogous estimates?
According to the passage, what is a key factor in determining the accuracy of analogous estimates?
- The amount of detailed information available about the current project
- The experience and judgment of the manager making the estimate (correct)
- The availability of comprehensive documentation from previous projects
- The use of standardized formulas and mathematical models
What is the purpose of the Darnall-Preston Complexity Index (DPCI) in project cost estimation?
What is the purpose of the Darnall-Preston Complexity Index (DPCI) in project cost estimation?
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According to the passage, what is the advantage of using analogous estimates in the conceptual phase of a project?
According to the passage, what is the advantage of using analogous estimates in the conceptual phase of a project?
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