5 Questions
During which stage of project planning is it generally possible to create a more accurate cost estimate?
Detailed planning stage
What kind of estimates are typically created during the project initiation and chartering process?
Rough order of magnitude estimates
What accuracy level of cost estimates is preferred by most project organizations?
Plus or minus 10–15%
Which type of cost estimates might underestimate project costs by as much as 100% during project initiation?
Rough order of magnitude estimates
What purpose can accurate cost estimates at the end of project planning serve?
Show cash flow needs
Test your knowledge on project initiation, project charters, and cost estimation. Learn about the rough order of magnitude estimates and the level of accuracy during the chartering process.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
