Chapter 5 Q's

practice, estimating process ses are frequently classified a

Top down/bottom u

The cost to prepare bottom up estimates will typically run how much more than the costs to prepare the top - down estimates

about 3 times as much

__ estimates are most likely to use low cost, efficient meth

bottom-up

A manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project is an example o

changes in project scope

Top down estimates are most likely to occur during the ______ phase

concept

Typical kinds of costs found in a project include

direct costs, project overhead costs, general admin costs

The process of forecasting or approximating the time and cost of completing project deliverables is called

estimating

Which of the following is a good condition for bottom up estimating

fixed price contract

Which of the following would be considered a direct project cost

labor, materials, equipment

The accuracy of bottom up estimates will typically be in the range

minus 10% plus 30%

The accuracy of top down estimates will typically be in the range

minus 30% to plus 60%

Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing

padding estimates

Janet is forecasting how much money her department needs to support a new project. She estimates that two people and $25,000 in expenses will cover her needs. Because management typically insists on reducing forecasts by 20 percent, she increases her estimates to allow for that reduction. Which of the following factors is illustrated in this

padding estimates

a good starting point for developing time and cost estimates i

past experience

Reasons why estimating time and cost are important include all of the following

to schdule work, determine ine how long the project should take and cost, to develop cash flow needs, to determine how well the project is progressing

Which of the following is not one of the factors that need to be considered to improve quality of estimates for project times and cost

ppl planning horizon, padding estimates, project structure, ppl