Structured and controlled called the project financial plan
Costs that repeat as project work continues such as the cost of writing code or laying bricks are appropriately classified as:
Ans. a. recurring costs
Typically, expedited costs are preferred over regular costs.
Ans. False
Which of the following terms best describes extra money in the project budget to be used if necessary - usually if a risk event occurs?
Ans. a. reserve
Ans. d. expedited costs
Which estimating technique uses a statistical relationship to calculate cost or duration based on historical data and other project parameters?
Ans. a. parametric estimating
A project manager needs to ensure that the cumulative amount of cash coming into the project either from internal budgeting or from customer payments meets or exceeds the demands for paying cash out.
Ans. c. management reserve needs
Describe analogous, parametric and bottom-up estimating, and briefly discuss the advantages and disadvantages of each method.
The success rate of the organization can be expected to be high since it is based on the organization's historical data.
It can be used to estimate individual tasks as well so it saves time.
It has a lesser impact on the project and doesn't interfere
It is a simple and quick method that produces quantitative results
Bottom-Up Estimating: Bottom-Up Estimating is when the project is broken down into individual tasks to be completed by the team members and combining these tasks into an overall project estimate. It is when everyone involved in the project work together.
Advantages:
Disadvantages:
The requirement of low-level components at the starts makes this a time-consuming process.
All of the following items describe an aspect of life cycle costing EXCEPT:
Ans. b. Life cycle cost only includes the project cost from initiating through closing