Project Budgeting Overview

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

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

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

<p>To assess the complexity level of a project and enable project comparisons</p> Signup and view all the answers

<p>They consume fewer resources than more detailed estimation methods</p> Signup and view all the answers