Analogous estimating - Study guides, Class notes & Summaries

APM PMQ - Project Delivery Exam Questions & Answers | Passed Purpose of estimates - ️️ 1) Use in investment appraisals 2) Creating a resource schedule 3) Budget setting 4) Risk analysis + contingency determination Benefits of re-estimating - ️️ 1) reduced contingency reserves 2) greater team involvement 3) Incorporate lessons learned 4) increased chance of adhering to estimates 5) decreased risk of estimating errors Approaches for estimating: - ️️ PAAD 1) Parametric (using...

A Guide to the Project Management Body of Knowledge (PMBOK Guide) - -The project management standard developed by the Project Management Institute. Acceptance criteria - -The process and the criteria that will be used to determine whether the deliverables are acceptable and satisfactory. Activity duration - -Assessing the number of work periods needed to complete the project activities. Work periods are usually expressed in hours or days. Large projects might express duration in weeks or m...

Actual Cost - Answer The total of direct and indirect costs incurred in accomplishing work on an activity during a given period Analogous Estimates - Answer A cost estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project, also called top-down estimates. Baseline - Answer The original project plan plus approved changes. Bottom-up estimates - Answer A cost-estimating technique based on estimating individual w...

PMBOK Glossary Terms (7th Edition) Questions And Answers Graded A+ 2024. Acceptance Criteria - correct answer. A set of conditions that is required to be met before deliverables are accepted. Accuracy - correct answer. Within the quality management system, accuracy is an assessment of correctness. Activity List - correct answer. A documented tabulation of schedule activities that shows the activity description, activity identifier, and a sufficiently det...

Which Kanban key performance indicator allows teams to make reliable commitments about how long it takes them to deliver work? A. Defects B. Cycle time C. WIP D. Velocity - ANS B. Cycle time Explanation : Cycle time is the amount of time it takes for a team to complete a task from start to finish. It is a key performance indicator that allows teams to make reliable commitments about how long it takes them to deliver work. The Project Manager is currently estimatin...

APM PFQ Glossary Questions With Verified Answers Acceptance Correct Answer: The formal process of accepting delivery of a deliverable or a product Acceptance criteria Correct Answer: The requirements and essential conditions that have to be achieved before a deliverable is accepted Activity Correct Answer: (1) A task, job, operation or process consuming time and possibly other resources (2) the smallest self-contained unit of work in a project Agile Correct Answer: A family of dev...

APM PMQ - Project Delivery (Estimating Schedule & Resource Optimisation Conflict Mgmt Negotiation Knowledge And Info Mgmt Earned Value Mgmt) Complete Solutions(rated A+) what is estimating - ANSWER-uses different methods to produce a prediction of the time and resources required to complete the scope of the work to the defined quality requirements. when do estimates become more accurate - ANSWER-Throughout the project, it is required for the PM to produce estimates. Estimates are often d...

Acceptance Criteria Correct Answer A set of conditions that is required to be met before deliverables are accepted. Accuracy Correct Answer Within the quality management system, accuracy is an assessment of correctness. Activity List Correct Answer A documented tabulation of schedule activities that shows the activity description, activity identifier, and a sufficiently detailed scope of work description so project team members understand what work is to be performed. Actual Cost (AC) ...

APM PMQ - Project Delivery Exam Questions & Answers | Passed Purpose of estimates - ️️ 1) Use in investment appraisals 2) Creating a resource schedule 3) Budget setting 4) Risk analysis + contingency determination Benefits of re-estimating - ️️ 1) reduced contingency reserves 2) greater team involvement 3) Incorporate lessons learned 4) increased chance of adhering to estimates 5) decreased risk of estimating errors Approaches for estimating: - ️️ PAAD 1) Parametric (using...

MAN4583 Exam 2 Prep Fall 2023/2024 Qs&As Analogous estimating - ANS-If you are estimating costs based on historical data from experience with a comparable project, you are using: Critical path - ANS-To find the ______ activities with zero slack, you have to calculate the forward and backward pass through your network Burst - ANS-In your network diagram, A is a predecessor for B, C, and D. Therefore, A is a ______ activity. Late Start - Early Start - ANS-To find the free slack (float) for...