6.9 Explain Approaches To Producing Estimates Flashcards
What does Delphi use to estimate and for what ?
Delphi uses a set of experts to independently provide estimates for a task or project
What can the project manager use the Delphi method to estimate
A project manager can use the Delphi method to estimate a projects cost or duration
How does the project manager use the Delphi method to estimate a projects cost or duration ?
By obtaining independent estimates from experts
What would the experts be asked ?
The experts would be asked to anonymously provided an estimate along with their rationale
What happens to the experts estimates and what is provided to experts based on what ?
The estimates are collared and summarised and feedback is provided to the experts based on the results
What happens with the process in the Delphi method ?
The process is repeated until a consensus is reached
What does the Delphi method typically involve and why ?
Multiple rounds of questionnaires and surveys so that overtime the Experts estimates will converge and therefore be more accurate
When is the Delphi method favourable and why ?
The Delphi method is favourable when dealing with complex project as it allows for the intergration of multiple experts opinions which minimised individual biases and assumptions.
What does the Delphi method help find and what can it do ?
It helps find areas of consensus and disagreement which can guide decision making and prioritise areas for further investigation and research
The Delphi method can be a quick way of what ? And what can be challenging using this method ?
Quick way of estimating
Maintaining the large data set can be challenging
What does the analogous method use and why ?
Historical data from previous comparative projects to inform the estimates for a new project
What does the analogous method provide and what does that enable ?
The analogous method provides a high level estimate of the cost of delivering a projects outputs enabling the project sponsor and steering group to understand at high level the project cost and at a basic level understand the project viability
What does the analogous method enable the project sponsor and steering group to understand and at what levels ?
At a high level the projects cost and as a basic level understand the projects viability
As the analogous method is reasonably quick what is it likely to be and when ?
The analogous method is reasonably quick and is likely to be way of getting initial estimates when limited data is available
What else’s can the analogous method help identify and based on what ? And what can it guide ?
Risks and issues based on the experience of previous similar project
Which can guide decision making and risk management
What is it common for the analogous method to provide ?
The basis for the decisions to proceed with the project
Delphi uses a set of ________ to ________ _________ estimate for a _______ or ________. A project manager can use the _______ method to ______ a project ______ and _______ by_______________ estimates from
_______.
Experts
Independently provide
Task or project
Delphi
Estimate
Cost and duration
Obtaining
Experts
The experts would each be asked to ___________ provide an _______ along with their ____________ the Estimates are then ____________ and ___________ and Feedback is provided to the experts based on the _______ the process is ______until a ________is reached.
Anonymously
Estimate
Rational
Collated
Summarised
Results
Repeated
A consensus
This typically involves _________ rounds of _______ and ______ so that overtime the experts estimates will _______ and therefore be more __________.
Multiple
Surveys and questionnaires
Converge
Accurate
The Delphi method is favourable when dealing with ___________ as it allows for
The __________ of ________ expert ________ which can _____________ individual _________ and _________. It also helps to find ___________ of ________ and ________ which can guide __________ and _________ areas for _________ and _________.It can be a quick way of estimating however ____________ the large _______________ can be _________
Complex projects
Integration
Multiple expert opinions
Minimises individual biases and assumptions
Areas of consensus and disagreement
Decision making and prioritise
Research and investigation
Maintaining the large data set can be challenging
The analogous method uses _________ data from previous ________________ to inform the ________ for a new _______.
Historical
Comparative
Estimates
Project
The analogous method
Provides a ___________ estimate of the _________ of _________ a projects _________ enabling the _______________ and ___________ to understand at a ____________ the projects _________ and at a _____________ understand the projects _________.
High-level
Cost of delivering a project outputs
Project sponsor and steering group
High level the project cost
Basic level viability
The analogous method is reasonably ________ and is likely to go a way of getting ______________ when _____________ is _________. It can also help to identify ________ and ________ based on the ________ of previous _______ projects which can guide _________ and ____________ where it is common for this type of estimate to provide the ____________ for the ________ to __________ with the project.
Quick
Initial estimates
Limited data is available
Risks and issues
Experience of previous similar Rolexes
Decision making and risk management
Basis for the Decision to proceed with the project.
The parametric method can be used when there is a _______________ between ________ and __________ however it relies on there being a set of __________ therefore can not be used in all situation.
Statistical relationship between historical and new data.
Historical data
