Chapter 5

Question 1

What is estimating?

Answer 1

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

Question 2

What are the two types of estimates?

Answer 2

Top-down (macro)
Bottom-up (micro)

Question 3

What are the factors influencing the quality of estimates?

Answer 3

Planning horizon
Project duration
People
Project structure and organization
Padding estimates
Organization culture
Other (no project) factors

Question 4

What to do when preparing initial estimates?

Answer 4

Use people familiar with the tasks
Use several people to make estimates
Assume normal conditions
Use consistent time units
Assume tasks are independent
Make no allowance for contingencies
Include a risk assessment

Question 5

What is a top-down estimates?

Answer 5

Usually derived from someone who uses experience and/or information to determine the project duration and total cost
Are made by top managers who have little knowledge of the process used to complete the project