Estimate Costs by Sean Whitaker

About the Lecture

The lecture Estimate Costs by Sean Whitaker is from the course Archiv - PMP Training – Become a Project Management Professional (EN). It contains the following chapters:

Estimate Costs
Inputs
Tools and Techniques (1/2)
Tools and Techniques (2/2)
Analoguos Estimating
Standard Deviations
Estimate Kosts

Included Quiz Questions

Which of the following would not be useful input to help you estimate project costs?

Work performance data.
Risk register.
Cost management plan.
Human resource management plan.

Which of the following is not a useful tool or technique for estimating project costs?

Work performance reports.
Analogous estimating.
Expert judgement.
Parametric estimating.

How does reducing project quality to save costs impact project or product costs?

Choosing to reduce quality to reduce project costs transfers the cost of poor quality to later points in the product life cycle.
Choosing to reduce quality to reduce project costs saves money throughout the entire project and product life cycle.
Choosing to reduce quality to reduce project costs results in higher total project costs but lower costs over the entire product life cycle.
Choosing to reduce quality to reduce project costs have no impact on either the project costs or the product life cycle costs.

What is the primary purpose of vendor bid analysis?

The primary purpose of vendor bid analysis is to develop an independent assessment and expectation of the project cost estimates you will receive from potential vendors of goods or services.
The primary purpose of vendor bid analysis is to provide a basis to disagree with any estimates received from potential vendors of goods and services.
The primary purpose of vendor bid analysis is to clearly indicate to potential vendors what you are prepared to pay for goods and services.
The primary purpose of vendor bid analysis is to set the price that will be paid for goods and services on the project.

What estimating technique are you using if you are using recent historical information from similar projects to develop costs estimates?

Analogous estimating.
Parametric estimating.
Three point estimating.
Reserves analysis.

If you have an optimistic cost estimate of $100, a most likely estimate of $140 and a pessimistic estimate of $250 what is your three point estimate?

$151.66
$490.00
$520.00
$68.

If you have an optimistic cost estimate of $100, a most likely estimate of $140 and a pessimistic estimate of $250 what is your range for delivering the project with 95% certainty?