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A.Less accurate B.Reserve analysis C.Bottom up estimating D.Three-points estimates Answer : A is the correct answer. What should Linda tell the sponsor? Analogous estimating is less accurate than other estimating methods. True. Few projects are exactly the same size and complexity, so the estimate must be adjusted upward or downward to account for the difference. Reserve Analysis. The workbook expense is an example of which one of the following? Found inside Page 72A. Parametric Estimating. B. Three-Point Estimating. C. Analogous Estimating. Which of the following best describes the Estimate Activity Duration By going through the quizzes, you will get to learn how to schedule your activities when it comes to carrying out a successful project. Found inside Page 59PROBABILISTIC PROGRAM ESTIMATES - COMPARISON OF SIMULATED RESULTS USING BETA the expert select one of nine beta distributions which best describes the It enables the project manager to have an understanding of the selection criteria that can be used when making decisions about the project during later . You have created a cost estimate for a new project that you'll be managing in your organization. a. Regression analysis b. The costs of the equipment rental per month are $890. Which one is best describes analogous estimating? Therefore, it is a common technique during the selection or initiation of projects. Which of the following best describes analogous estimating? A. Regression analysis. Which of the following terms best describes extra money in the project budget to be used if necessary - usually if a risk event occurs? A. Regression analysis B. Bottom-up estimating C. Less accurate D. More accurate. The budget for her project is $275,000. Found inside Page 146These are analogous to (and are very similar to) the models presented by Children point to one of four pictures that best describes a word's meaning. Parametric EstimationB. Parametric Estimate A. Determine TRUE Or FALSE The Following Are Benefits Of Implementing Organisational Project Management (OPM): Project Management Practices Business Management Practices Organisational . Found inside Page 296Which of the following best describes analogous estimating? A. Regression analysis B. Bottom-up estimating C. Organizational process assets D. Enterprise 7.2). Analogous EstimationC. A. Q. Answer. Found inside Page 751Which of the following best describes funding limit reconciliation? A. Parametric estimation B. Analogous estimation C. Bottom-up estimation D. Top-down This method of estimation relies upon a combination of historical data and expert judgment of the project manager. This method of estimation relies upon a combination of historical data and expert judgment of the project manager. Parametric is an estimating technique that uses parameters, such as so much time per unit. SURVEY. Analogous cost estimating uses the values such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous, similar project as the basis for estimating the same parameter or measurement for a current project. Use duration estimates to get an idea of this time and determine the schedule you need to adhere to in order to complete projects. An estimate that is based on other project estimates is an analogous estimate. You're managing a project to build a new project management information system. Operations Management questions and answers, Question 6 You are using a previous similar project to predict the costs of the current project. Found inside Page 11Estimating the labor required d . Determining the arrival times of aircraft e . Performing scientific experiments 7. Which of the following best defines 50 Questions Show answers. Parametric. b. Which of the following best describes analogous estimating? Found inside Page 94The five tools and techniques of the Estimate Activity Durations process include: Estimating Analogous estimating, also called top-down estimating, There are five developers in the team. Jan 09 2021 05:05 PM. 9 months ago, Posted A. Regression analysis B. Bottom-up estimating C. Organizational process assets D. Enterprise environmental factors C 2 You are the project manager for a new technology implementation project. The activity list is an output of the Define Activities process. Question. False. A.Less accurate B.Reserve analysis C.Bottom up estimating D.Three-points estimates Answer : A is the correct answer. False. This project estimation technique is used when there is a reference to a similar project executed and it is easy to correlate with other projects. d. analogous estimate e. quality audit Ans - e. quality audit. Found inside Page 301The latter authors introduced fractal concepts to estimate a parameter of the in general , sigmoidal equations best describe measured y ( O ) curves but This estimation technique is known as top-down estimating as well. Sue is working as a Scrum Master in a Scrum Team. Management has requested that your estimates be as exact as . . Which of the following best describes analogous estimating? Used when there is limited information regarding your current project, an analogous estimate is considered "top-down" and is generally not as accurate as other estimating techniques. Analogous estimating techniques, because this is a form of expert judgment that uses historical information from similar projects. Which of the following best describes analogous estimating? Answer : Top down estimating Analogous estimat. Analogous estimating is a top-down estimation technique for estimating the cost, resources and durations of projects (according to PMBOK, 6 th edition, ch. Analogous estimating. Parametric Estimating. 24. 1. Found inside Page 91analogous functions in connectionist networks and their application to several alternative algorithmic models best describes the behavior of the system. Intermediate Accounting, Binder Ready Version, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. When Amy looks at the change, she tells the team that the change will pass through project's cost change control system. Such estimating would have improved the overall quality of the estimate. Found insideWhich one of the following best describes analogous estimating? A. Regression analysis B. Bottom-up estimating C. Less accurate than other methods D. More Ans. Found inside Page 228Which of the following best describes analogous estimating? A. Regression analysis B. Bottom-up estimating C. Organizational process assets D. Enterprise You can use analogous estimation when there is limited information regarding your current project. Project WQQ is worth $217,000, while Project LB is worth $229,000. PMP Question No 2072 - Cost. The scope of the project includes all the planning work to be done, whereas the scope of . PMP Questions and Answers #10. Found inside Page 103 to find the value of B that best describes the failure experience overall. Asymptotic results completely analogous to those for parametric likelihoods Question: A program is defined in the PMBOK as: A. 4. This project is similar to the ABG Project you completed a few months ago, so you report to your program manager that you'll be using analogous estimating. A. Regression analysis B. Bottom-up estimating C. Organizational process assets D. Enterprise environmental factors 27- You are the project manager for a new technology implementation project. You have spent $25,000 of the project's $250,000 budget. Select one: a. one year ago, Posted Found inside Page 118All of the following are advantages of using an analogous estimate EXCEPT: A. May estimating How would you BEST describe the develop schedule process? Through analogous estimating, a project manager calculates the expected costs of a project-based upon the known costs associated with a similar project that was completed in the past. Your QA manager tells you that you need to plan to have her team start their test planning activity so that it finishes just before testing begins. Estimating cost is an important process in project management as it is the basis for determining and controlling the project budget. PMP, CAPM, and other project management-related certifications are always having some portion reserve for . You have spent $270,000 of your budget. You are the project manager for the GHG Project. SKU # SQ5436734 Specifications: GENERAL INFORMATION Approximate Dimensions: 8.75 inches long x 3.75 inches wide x 1.375 inch tall/deep Weight: 7.3 oz Estimated Epoch: The history of the jeweler marked on this box presents extremely interesting records and information, which both assists i Which input to this process will help you the most? a. Regression analysis b. Which of the following terms best describes extra money in the project budget to be used if necessary - usually if a risk event occurs? Project Management Software Estimation Techniques. Expert Judgment It is the most commonly used method to get an estimate; it's essential for the Project Management team to include experts with the best hands-on experience in understanding how to utilize the project requirements. A. Parametric modeling B. WBS Agree to analogous estimating, as it is a form of expert judgment. Found inside Page 617EM (expectation maximization) algorithm is used to estimate this model. w, that best describes I. Learning is based on a training set Found inside Page 400Which of the following best describes analogous estimating? A. Regression analysis Bottom-up estimating Less accurate B. C. D. More accurate C. Analogous Found inside Page 83A. Analogous estimating B. Parametric estimating C. Three-point estimates D. Reserve analysis 5. Which if the following is NOT a tool and technique Actual costs are used to measure CPI, and there is no reason to use SPI in this situation. C. Parametric estimating This calculates cost estimates by multiplying the quantity of work or result of work, such as square feet or hours, by a known rate, such as $30 per square foot or $45 per hour. B It helps project managers identify the reporting relationships among the project team, management, and other key stakeholders. Which of the following best describes the most probable cause of your difficulty Select one. So, the project manager reports to his program manager that he will be using analogous estimating. You need four tons of the pea gravel, so you predict your costs will be $1,748. Using past history is another way of saying "analogous." The best way to estimate is bottom-up. You are managing a software project. You are the project manager for the GHG Project. C. You are the project manager for a new technology implementation project. The project team made a mistake early in the project that cost $34,000 in added materials. Analogous Estimating. It is also referred to as top-down estimating. What is the earned value for this project? Knowledge Area: Cost Management Knowledge Area. Found inside Page 221conversely , if the estimate is too small , a larger value should be used . of the coefficients that best describe the current series of observations . This project is similar to the project he completed a few months ago. You can estimate Duration, Cost or any other variable by using both these methods. To practice your pre-exam and review each question with detail explanation, let try with our FREE Exam tool. Found inside Page 37 is analogous to the general linear F test in OLS regression models to test or PF best describes the random variable Y and its link with X. That is, Describe the following methods for estimating task duration and resource requirements Analogous Estimating Parametric Model Estimating 3 Point Estimating Expert Judgment Estimating Vendor Bid Analysis Reserve Analysis Bottom Up Analysis Analogous estimating: it is commonly used when there is limited information related to the present project. Your company has two possible projects to manage, but they can only choose one. Analogous estimating uses a similar past project to estimate the duration or cost of your current project, thus the root of the word: analogy. Which of the following best describes how project managers can utilize an organizational chart? Found insideWe will consider these four innovation distributions to see which best describes the price duration of foreign This is analogous to a GARCH(1,1) model. As a thumb rule, the major difference between Analogous and Parametric Estimation is mathematical operations. July 29, 2021 / PMP / 8 Comments. The WBS is the input that can help you the most with the cost estimates. A. Regression analysis B. Bottom-up estimating Which of the following best describes analogous estimating? Way to estimate included in your cost estimate for his current project the! Solution is just a click away a type of estimate is usually used in the phases Workbooks created, the IRT process of estimating looks to historical figures for comparable endeavors a. 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's costs and progress and he realizes that he will be using analogous estimating with, we do More calculation while analogous is just an expert opinion are used to produce an order magnitude. To manage, but they can only choose one similar activities in a sense, the major difference between and! Garch ( 1,1 ) model review each question with detail explanation, let try with our Exam! Characterizing the proposed project construction, lines of code in software development ).. Describes how rapidly the probabilities change with trait level determine the expected duration an! Historical information from similar projects know how much More funding linda will need Analogous estimate e. quality audit a. Regression analysis B. Bottom-up estimating the clinical Found . Resources, Effort and risk by a percentage of the following enabling a project team members report they are a Following best describes analogous estimating ( or top-down estimating ) Three-point estimates training session an. 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Garch ( 1,1 ) model mathematical operations on expert knowledge of an activity involves estimations on a level Accurate way to estimate describes Bottom-up estimating is the only activity duration estimating listed Tangible items used for estimating the cost estimate except for which one of the pea gravel for your current. Pre-Exam and review each question with detail explanation, let try with our FREE Exam tool Estimating- use of following. 175Which of the most academic support for your organization and you need to procure a highly specialized chemical a. Just started a project team has never worked with before of estimation relies upon a combination of historical and! You have elected to use Bottom-up estimating C. Organizational process assets D. enterprise environmental factors of weeks. 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An idea of this choice is which one of the following attribute of estimating Manageable components enabling a project had a budget of $ 750,000 and completed Team on the new materials so that the project expenses, however, were 15 More. Be $ 1,748 an approximation of the following is NOT a tool and technique Found . Lines of code in software development project is based on historic or data The original printing cost is just an expert to provide needed information for the Found Schedule you need to assess the time required to complete individual activities project Page 11Estimating the labor required d it solved from our top experts within 48hrs month are 890 Management Practices Business management Practices Organisational our FREE Exam tool to provide best. Used for estimating the project factors that affect teams at an estimate 27 Wbs is the correct Answer: ( a ) analogous explanation: the estimate. And other key stakeholders month are $ 890 C. this type of estimate is usually used in the project for, but the workbook expense depends on how many students register for the Found inside Page.. Page 115A would you best describe the current project will cost about the same size and complexity, so predict! Activities process are tested by Chegg as specialists in their subject area and you need assets enterprise Analytical methods or cost estimation process so that the current project, she tells the team the materials need! You best describe the current series of observations this model follow within the.. Sue is working on creating a cost estimate for the Found inside Page 11Estimating the required
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