Statements are true regarding cost estimating techniques

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Reference no: EM132128047

1. Which of the following statements are true regarding cost estimating techniques?

1) Bottom up estimating is a technique that uses statistical relationship between historical data and other variables to calculate a cost estimate

2) Analogous estimating is generally more costly than other techniques but produces more accurate estimates

3) Parametric estimates involves estimating the costs of individual work packages at the lowest level of detail, and “rolling up” and summarizing the costs at higher levels

4) None of the choices are true

2. You are in the process of developing an approximation of the costs of resources needed to complete each schedule activity. Which of the following is the LEAST helpful input?

1) Schedule management plan, staffing management plan, risk register

2) Marketplace conditions, commercial databases

3) Cost estimation policies/ templates, historical information, project team knowledge

4) Activity cost estimates, activity cost estimate supporting details

3. What did you think of the idea of creating sub-accounts for capturing specific types of sales data? Besides the example provided in the book, how might this be useful?

Reference no: EM132128047

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