100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
APM Course Question and answers verified to pass 2024/2025 £11.45   Add to cart
Quickly navigate to
Preview
  2.  
  3. APM
  4.  
  5. APM

Exam (elaborations)

APM Course Question and answers verified to pass 2024/2025
 9 views  0 purchase
  • Module
  • APM
  • Institution
  • APM

APM Course Question and answers verified to pass 2024/2025 APM Course - Session 10 - Estimating Define the term 'estimate.' - correct answer The use of a range of tools and techniques to produce forecasts of the probable time or cost of completing work. Define the term 'estimating funnel.'...

[Show more]

Preview 2 out of 5  pages

Document information

  • October 3, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • apm course
  • apm course question and answers verified to pass 2

Written for

  • APM
  • APM

Seller

avatar-seller
Academia199

Reviews received

Content preview

APM Course - Session 10 - Estimating
Define the term 'estimate.' - correct answer ✔The use of a range of tools and
techniques to produce forecasts of the probable time or cost of completing
work.


Define the term 'estimating funnel.' - correct answer ✔A representation of the
increasing levels of estimating accuracy that can be achieved through the
phases of the life cycle.


Define the term 'estimating.' - correct answer ✔The use of a range of tools
and techniques to produce forecasts of the probable time or cost of
completing work.


1 out of 3 - Estimating techniques


Analogous Estimating (or comparative estimating.) - correct answer ✔Often
used in the concept phase when not alot of information is avaliable about the
project.


This technique relies on having completed a similar project.


•Compare this project with a similar.
•200 bedroom hotel cost £2m.
•New hotel 300 bedroom hotel may cost around £3m.
•Often done when the work is understood but not fully defined.


2 out of 3 - Estimating techniques

, Parametric Estimating - correct answer ✔Also relies on historical data,
however in this case would've collected actual data from MANY different
projects.
•Relies on capturing actual times/cost on database
•Statistical averages generated from database
•Higher confidence factor
•Often used in conjunction with the WBS when the work is understood


3 out of 3 - Estimating techniques


Analytical Estimating (or bottom up.) - correct answer ✔Relies on the the
work breakdown structure.
Consider the costs of integration between work packages
Most appropriate for costs (work packages often undertaken in parallel)


Estimating Funnel - correct answer ✔•Estimating accuracy increases along
with the estimates
- Result of optimism bias
•Feed revised estimates into decision gates
•Encourage management to allow for increases at the start
- Set a management reserve


Question 1


Estimating by use of a detailed Work Breakdown Structure (WBS) is known
as:

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £11.45. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£11.45
  • (0)
  Add to cart