Project Charter and Cost Estimation Quiz
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Questions and Answers

During which stage of project planning is it generally possible to create a more accurate cost estimate?

  • Project chartering stage
  • Risk and quality planning stage
  • Detailed planning stage (correct)
  • Initiation stage
  • What kind of estimates are typically created during the project initiation and chartering process?

  • Precise estimates
  • Rough order of magnitude estimates (correct)
  • Accurate estimates
  • Detailed estimates
  • What accuracy level of cost estimates is preferred by most project organizations?

  • Plus or minus 30%
  • Plus or minus 10–15% (correct)
  • Plus or minus 5%
  • Plus or minus 20%
  • Which type of cost estimates might underestimate project costs by as much as 100% during project initiation?

    <p>Rough order of magnitude estimates</p> Signup and view all the answers

    What purpose can accurate cost estimates at the end of project planning serve?

    <p>Show cash flow needs</p> Signup and view all the answers

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