How well do you understand cost estimation in project management? There are a lot of things that are needed to ensure that a project is carried out smoothly, and as it is common with every resource, there is an expense that needs to be incurred. Take this quiz and understand how to estimate your cost for each activity you undertake on the project.
Top-down estimating
Top-down budgeting
Bottom-up estimating
Parametric estimating
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Parametric modeling
WBS
Project scope
Requirements document
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Top-down estimating
Top-down budgeting
Bottom-up estimating
Parametric estimating
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Not enough information to know
8 months
72 months
5 years
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Historical information from a recently completed project
An SME's opinion
Recollections of team members that have worked on similar projects
Vendors' whitepapers
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Fixed costs
Parametric costs
Variable costs
Indirect costs
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Not enough information to know
8 months
72 months
5 years
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Production increases as workers become more efficient with the installation procedure.
Efficiency increases as workers become more familiar with the installation procedure.
Costs decrease as workers complete more of the installation procedure.
Time decreases as workers complete more of the installation procedure in the final phases of a project.
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Historical information from a recently completed project
An SME's opinion
Recollections of team members that have worked on similar projects
Vendors' whitepapers
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Rough order of magnitude
Budget estimate
Definitive estimate
WBS estimate
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Zero
$1,000
$1,800
$2,000
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10 percent
$75,000
$25,000
Not enough information to know
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$100,000
$79,000
$25,000
Zero
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Fixed costs
Parametric costs
Variable costs
Indirect costs
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10 percent
$75,000
$25,000
Not enough information to know
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100
89
0.89
0.79
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Cost estimates and project schedule
Cost estimates and supporting detail
EAC and BAC
A parametric model to arrive at the costs submitted
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$29,000
$290,000
$96,666
$9,666
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100
89
0.89
0.79
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Cost estimates and project schedule
Cost estimates and supporting detail
EAC and BAC
A parametric model to arrive at the costs submitted
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Regression analysis
Bottom-up estimating
Less accurate
More accurate
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Parametric modeling
WBS
Project scope
Requirements document
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$29,000
$290,000
$96,666
$9,666
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You haven't completed one hotel room yet, so you don't know how long the work will actually take.
You have not factored in all of the effort applied to the work.
You have not considered the law of diminishing returns.
You have not considered the learning curve.
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Life-cycle costs
Scope creep
Project spin-off
Operations
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Planned value
Present value
Sunk costs
Capital expenditure
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Fixed costs
Parametric costs
Variable costs
Indirect costs
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$750 per ton
Historical information from a similar project
Estimates built bottom-up based on the WBS
Estimates based on top-down budgeting
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$240,000
$270,000
$30,000
-$30,000
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$100,000
$79,000
$25,000
Zero
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Fixed costs
Parametric costs
Variable costs
Indirect costs
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Production increases as workers become more efficient with the installation procedure.
Efficiency increases as workers become more familiar with the installation procedure.
Costs decrease as workers complete more of the installation procedure.
Time decreases as workers complete more of the installation procedure in the final phases of a project.
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Regression analysis
Bottom-up estimating
Less accurate
More accurate
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$750 per ton
Historical information from a similar project
Estimates built bottom-up based on the WBS
Estimates based on top-down budgeting
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Life-cycle costs
Scope creep
Project spin-off
Operations
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$65,000
$39,000
$26,000
$64,999
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People doing the work create the estimates.
It creates a more accurate estimate.
It's more expensive to do than other methods.
It's less expensive to do than other methods.
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Planned value
Present value
Sunk costs
Capital expenditure
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$5,000
$17,000
$22,000
Zero, as project ADS is worth more than Project KJH
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$240,000
$270,000
$30,000
-$30,000
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$5,000
$17,000
$22,000
Zero, as project ADS is worth more than Project KJH
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Zero
$1,000
$1,800
$2,000
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People doing the work create the estimates.
It creates a more accurate estimate.
It's more expensive to do than other methods.
It's less expensive to do than other methods.
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The cost management plan controls how change management affects the BAC.
The cost management plan controls how cost variances will be managed.
The cost management plan controls how the project manager may update the cost estimates.
The cost management plan controls how the BAC may be adjusted.
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The cost management plan controls how change management affects the BAC.
The cost management plan controls how cost variances will be managed.
The cost management plan controls how the project manager may update the cost estimates.
The cost management plan controls how the BAC may be adjusted.
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$65,000
$39,000
$26,000
$64,999
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You haven't completed one hotel room yet, so you don't know how long the work will actually take.
You have not factored in all of the effort applied to the work.
You have not considered the law of diminishing returns.
You have not considered the learning curve.
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Time constraint
Schedule constraint
Value engineering
Learning curve
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