51. The ________ approach to estimating project time and cost begins with an overall estimate for theproject and then refines estimates for various stages of the project as it is implemented.________________________________________52. The cost to prepare a top-down budget will typically run ________ percent of the total project cost.________________________________________53. The cost to prepare a bottom-up budget will typically run ________ percent of the total project cost.________________________________________54. Project costs such as labor and materials are typically classified as ________ costs.________________________________________55. The salary of the project manager and temporary rental space for the project team would be classified as________ costs.________________________________________56. Estimates should be made based on ________ conditions, efficient methods, and a normal level ofresources.________________________________________57. The __________ method is a top-down approach that uses the pooled experience of senior and/or middlemanagers to estimate the total project duration and cost.________________________________________58. Costs that are not directly related to a specific project, such as advertising, accounting, and seniormanagement, are classified as ____________.________________________________________59. Project estimates should be broken down into as much detail than and with as much accuracy aspossible. Show Get answer to your question and much more 60. Bottom-up-estimating is another name for over zealous top management estimates. Get answer to your question and much more 61. The use of past experience is almost always used primarily in the initial phases of a project. Get answer to your question and much more 62. Due to the averaging out of under-estimates and over-estimates, a long duration project is more likely tobe on target than a short term, small project.TrueFalse 63. The project structure chosen to manage the project will have little impact on the actual project work tobe accomplished. Get answer to your question and much more 23)If a project is internal to the company and relatively small, the bottom-up approach to estimatingtime and costs for the project is the best choice. Get answer to your question and much more 24)The ideal approach to estimating project time and costs is to use both the top-down and thebottom-up approach. Get answer to your question and much more 25)Top-down estimates usually are derived from someone who uses experience and/or informationto determine the project duration and total cost. Get answer to your question and much more 26)Estimating the total cost of a project by multiplying each major function by a complexity factor isan example of the apportion method of estimating costs.TrueFalse 27)All task time estimates need consistent time units. Get answer to your question and much more 28)The consensus method of estimating costs is a bottom-up technique. Get answer to your question and much more 29)General and administrative costs are usually allocated as a percent of the total of a direct costwhich includes labor, materials, or equipment. Get answer to your question and much more 30)Estimates are supposed to be based on normal conditions. While this is a good starting point, itrarely holds true in real life.TrueFalse 31)Identify and briefly describe the two major classifications of estimating project time and costs. Get answer to your question and much more 32)Describe the ideal approach for a project manager to develop optimal estimates for a project'stime and costs. What are the stages of estimation process?10 Step Estimation Process Overview. Step 1: Establish estimate scope and purpose. ... . Step 2: Establish technical baseline, ground rules, and assumptions. ... . Step 3: Collect data. ... . Step 4: Determine size and scope. ... . Step 5: Prepare baseline estimate. ... . Step 6: Quantify risks and risk analysis. ... . Step 7: Validate and review.. What are the 4 steps to accurate estimation?There are some key steps that must be followed to help ensure that estimates are accurate, reliable and on point for every construction project or program.. Evaluate. ... . Quantities. ... . Pricing. ... . Determining Labor Cost. ... . Markups. ... . Define the Project Risks and Factor in Their Costs. ... . Estimate Submission. ... . Lessons Learned.. When estimating time in a project which of the following is the best choice?The ideal approach to estimating project time and costs is to use both the top-down and the bottom-up approach. Top-down estimates usually are derived from someone who uses experience and/or information to determine the project duration and total cost.
What is phase estimating in project management?Phase estimating uses a two-estimate system – a detailed (micro) estimate is made for the immediate stage and an overview (macro) estimate is made for the remaining stages. The accuracy of estimate is progressively being refined with fewer fluctuations of requirements as the project progresses.
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Past experience is almost always used primarily in the initial phases of estimating.
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