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What is a specific advantage of analogous estimating in comparison with other cost estimate techniques?
Suggested Answer: C
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34 comments · newest first
JU
Julio
11 months ago
Yeah, I heard it saves a lot of time compared to detailed methods.
IL
Ilona
11 months ago
Can it really be applied to segments of work? Seems tricky.
CA
Carey
11 months ago
Agreed, it's super quick to get estimates!
SH
Shizue
12 months ago
I disagree, I think it's not always accurate.
MA
Mattie
12 months ago
It's definitely less costly and time consuming!
JU
Justine
12 months ago
I feel like I read that it’s not necessarily more accurate than other methods, so I’m leaning towards the time-saving aspect being the main advantage.
WI
Willis
1 year ago
I practiced a question like this, and I think the key point was that it’s quicker to implement, which makes it really useful in tight timelines.
AS
Ashleigh
1 year ago
I’m not entirely sure, but I remember something about it being applicable to segments of work. That might be an advantage too.
KA
Kanisha
1 year ago
I think one of the advantages of analogous estimating is that it’s less costly and time-consuming compared to other methods.
LI
Lino
1 year ago
From what I recall, analogous estimating doesn't use contingency reserves like some other techniques do. So that's probably not the right answer. I'm leaning towards the "less costly and time consuming" option, but I want to double-check my notes just to be sure.
SH
Sherill
1 year ago
Analogous estimating allows you to apply the technique to specific segments of the work, which I think could be really useful. That flexibility seems like a big advantage over some of the other cost estimate methods.
IV
Ivette
1 year ago
Hmm, I'm not totally sure about this one. I know analogous estimating uses historical data, but I can't remember if that makes it more or less accurate than other methods. I'll have to think this through a bit more.
LA
Lakeesha
1 year ago
I think the key advantage of analogous estimating is that it's less costly and time consuming compared to other techniques. That seems like the most straightforward answer.
DE
Delila
1 year ago
The business analysis checklist is definitely the way to go here. It's a comprehensive tool that can help the BA ensure all requirements are verified, which is exactly what the project board is concerned about. Easy choice in my opinion.
MI
Mitsue
1 year ago
If they really wanted to test our estimating skills, they should've asked us to estimate the cost of this exam. That would be a real challenge!
GL
Glendora
1 year ago
Maybe I should just roll the dice and pick A. Contingency reserves sound like a good time to me!
TR
Trevor
1 year ago
It's true that it uses contingency reserves, but there are other advantages to consider as well.
SE
Serina
1 year ago
Analogous estimating is less costly and time consuming, so it's a good choice.
VI
Vicente
1 year ago
Go for it! Contingency reserves are always a good idea.
EU
Eura
1 year ago
D, definitely D. Accuracy is key in this field, and I'm not looking to wing it.
ET
Ettie
1 year ago
Using contingency reserves can also help with accuracy, so it's a good combination.
LU
Luther
1 year ago
I agree, having a more accurate estimate can save a lot of trouble down the line.
CH
Chau
1 year ago
D, definitely D. Accuracy is key in this field, and I'm not looking to wing it.
LU
Lucy
2 years ago
I'm thinking C is the best choice. Analogy is a powerful tool, and being able to apply it to specific segments is a big plus.
AN
Annamae
1 year ago
In the end, I think it's a combination of factors that make analogous estimating advantageous.
MA
Marylyn
1 year ago
That's true, using contingency reserves can definitely help with unexpected costs.
BE
Bettina
1 year ago
But don't you think using contingency reserves, like option A, is also important for accurate cost estimates?
VI
Viva
1 year ago
I agree, being able to apply analogous estimating to segments of work can be very beneficial.
KA
Kallie
1 year ago
Yes, it allows for a more detailed and accurate cost estimate for each part of the project.
CL
Claudio
1 year ago
I agree, being able to apply analogous estimating to specific segments of work can be very beneficial.
MA
Madalyn
2 years ago
Option B seems like the way to go. I don't want to spend too much time or money on this exam, you know?
MA
Maryanne
2 years ago
But doesn't it also use contingency reserves to account for uncertainties?
HE
Herminia
2 years ago
I agree with Jesusa. It's helpful to break down the estimate into smaller parts.
JE
Jesusa
2 years ago
I think the advantage of analogous estimating is that it can be applied to segments of work.