Analogous estimating Study guides, Class notes & Summaries

CAPM Exam Prep, PMI Questions, PMBOK 6th Edition - CAPM Prep, CAPM Exam Prep 2024 360-degree appraisal -Answer-A performance review completed by a person's peers, manager, and subordinates. It's called a 360-degree appraisal as it's a circle of reviews by people at different levels of an organization. Acceptance -Answer-This is a response to a risk event, generally made when the probability of the event and/or impact are small. It is used when mitigation, transference, or avoidance are...

APM PMQ - Project Delivery Exam with Correct Answers what is estimating - ️️ uses different methods to produce a prediction of the time and resources required to complete the scope of the work to the defined quality requirements. when do estimates become more accurate - ️️ Throughout the project, it is required for the PM to produce estimates. Estimates are often described as approximations as can never be 100% accurate. The accuracy of the estimate highly depends on the amount of...

If you are experiencing costs based upon historical data from experience w/ a comparable project, you are using: (based off past projects (analogy)) : Analogous Estimating To find the ___________ activities / zero slack, you have to calculate the forward and backward pass through your network. : Critical Path In your network diagram, A is a predecessor for B, C, and D. Therefore, A is a ____________ activity. : Burst To find the free slack (float) for each activity in your network d...

C. This is an example of using the previous project as a template. Rolling wave planning is incorrect because rolling wave planning describes the detailed planning of the imminent project work, and the high-level planning of work is further away in the project schedule. Analogous estimating describes the method of using a similar project to create the current project's time and/or cost estimate. Expert judgement is using an expert to provide needed info for the current project. Chapter 6 1. You...

OMIS 352 FINAL EXAM ACTUAL QUESTIONS AND ANSWERS SOLVED 100% _____ address where the project stands in terms of meeting scope, time, and cost goals a.Status reports b.Lessons-learned reports c.Technical reports d.Progress reports Ans- A. Status Reports Analogous estimates are also known as _____ estimates. a. parametric b. bottom-up c. top-down d. budgetary Ans- C. Top Down Which of the following is true about identifying stakeholder? a.It is not very difficult t...

CAPM Exam 196 Questions with Verified Answers Cost Variance formula - CORRECT ANSWER Earned Value (EV) - Actual Cost (AC) What are the 6 constraints? - CORRECT ANSWER Scope, Risk, Resources, Quality, Schedule, Budget Initiating (Process Group) - CORRECT ANSWER Processes performed to define a new PROJECT or a new PHASE of an existing project Planning (Process Group) - CORRECT ANSWER Processes performed to establish total scope of effort, define and refine objectives, and develop a cou...

CAPM EXAM 2024 WITH 100% CORRECT ANSWERS A. Assumptions CM 4.7.2 PMBOK 5.3.3.1 - correct answer Project planning is ongoing as the team analyzes how long it will take to process both a new order and a change order through the new call center. This analysis helps them determine how many employees must be working in the car center based on anticipated customer volume. This is an example of what? A. Determine budget CM 7.13; PMBOK 7.3 - correct answer The project manager and her team are ...

Acceptance Criteria - -The process and the criteria that will be used to determine whether the deliverables are acceptable and satisfactory Activity duration - -Assessing the number of work periods needed to complete the project activities. Work periods are usually expressed in hours or days. Large projects might express duration in weeks or months. Activity List - -A list of all the activities required to complete the work of the project that also includes an identifier code and the WBS c...

absorptive heterotroph - An organism (usually a fungus) that obtains its food by secreting digestive enzymes into the environment to break down large food molecules, then absorbing the breakdown products. acidophile - able to live in extremely acidic environments adaptations - inherited aspects of an individual that allow it to outcompete other members of a population that lack the trait; evolve through natural selection Alfred Russel Wallace - came up with a mechanism for evolution simila...

ESTIMATING PROJECT COSTS 3 Introduction Many businesses are working within a specific budget and timeline when initiating projects. Jet On Demand, a company that brokers private flights for companies and consumers, wants to create an app for both Android and iOS users to book a flight. The Project Manager has a 7-month timeline and a $250k budget for the project. The project is currently in the planning phase, and the team still needs to complete a cost estimation and management plan for t...