Companies like Boeing, Kodak, and IBM are using which of the following for improving the estimating process?
A. Adjusting estimates based on individual forecasting abilities
B. Benchmarking using the experience of other companies
C. Using time and motion studies
D. Creating historical databases of previous projects
E. All of these are correct
Answer: Creating historical databases of previous projects
Learn More :
Project Management
- Which of the following is not one of the recommended guidelines for developing useful work package estimates?
- Which of the following would be considered a direct project cost?
- Project costs are typically viewed from all of the following except:
- Typical kinds of costs found in a project include
- The cost to prepare bottom-up estimates will typically run how much more than the costs to prepare the top-down estimates?
- The accuracy of bottom-up estimates will typically be in the range of
- The accuracy of top-down estimates will typically be in the range of
- Which of the following would be the best method for projects where the final product is not known and the uncertainty is very large?
- The approach that begins with a top-down estimate for the project and then refines estimates as the project is implemented is known as ______ method.
- Which of the following is not one of the bottom-up approaches to estimating project time and cost?
- Learning curves are more likely to apply in situations where most of the costs are
- Sean is forecasting the time and cost of developing a customized software program by looking at the number of inputs, outputs, inquires, files, and interfaces. Which of the following methods is he using?
- Jose is forecasting project time and cost for constructing a new building by multiplying the total square footage by a given dollar amount. Which of the following methods is he using?
- Which of the following methods is not considered a top-down approach to estimating project time and cost?
- ____ estimates are most likely to use low cost, efficient methods.
- Top-down estimates are most likely to occur during the ______ phase.
- Which of the following is a good condition for bottom-up estimating?
- Which of the following is a good condition for top-down estimating?
- Janet is forecasting how much money her department needs to support a new project. She estimates that two people and $25,000 in expenses will cover her needs. Because management typically insists on reducing forecasts by 20 percent, she increases her estimates to allow for that reduction. Which of the following factors is illustrated in this situation?
- Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?
- Which of the following is not one of the factors that need to be considered to improve quality of estimates for project times and costs?
- A good starting point for developing time and cost estimates is
- A typical statement in actual practice is that estimates should have a probability of being met ______ of the time.
- In practice, estimating processes are frequently classified as