Question on estimating tools

Question:

You have been discussing several estimating options with the project team. Some
of the team members think that this particular project is similar to something
that they worked on last year. However, the technical team has been quick to
point out that there are some unknowns on this project that make parts of the
project significantly different from last year's project. As the team starts
performing a detailed analysis of the previous project, they uncover a great
deal of historical information that would apply to the current project. In this
situation the best estimating tool would be:

a. Analogous estimate .
b.
Parametric estimate .
c. Bottom-up estimate
.
d. One-time estimate .

chowdary2104's picture

A is my choice.

Key: they uncover a great deal of historical information that would apply to the current project.

Regards,

CHOWDARY

Question:

 

You have been discussing several estimating options with the project team. Some
of the team members think that this particular project is similar to something
that they worked on last year. However, the technical team has been quick to
point out that there are some unknowns on this project that make parts of the
project significantly different from last year's project. As the team starts
performing a detailed analysis of the previous project, they uncover a great
deal of historical information that would apply to the current project. In this
situation the best estimating tool would be:

a. Analogous estimate .
b.
Parametric estimate .
c. Bottom-up estimate
.
d. One-time estimate .

 

The correct answer was response c.
Explanation: The bottom-up estimate is
based on verifiable historical data - in other words you're dealing with things
that you've done before. The analogous estimate compares projects at a high
level without getting into detail. The parametric estimate is designed to
estimate repetitive activities and forecast a result based on the estimate from
the initial activity. A 1-time estimate is a total ‘shoot-from-the-hip’ estimate .

 

Regards

yasser

chowdary2104's picture

Good, I got one more point from your posts.

Could you please give us the source of these questions?

Regards,

CHOWDARY

 

I am also interested with the answer. It has been an eye opener knowing the answer to this question. - Phillip Elden