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Your project sponsor has requested a cost estimate for the project on which you're working. This project is similar in scope to a project you worked on last year. She would like to get the cost estimates as soon as possible. Accuracy is not her primary concern right now. She needs a ballpark figure by tomorrow. You decide to use ___________________.
Suggested Answer: B
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Analogous-or top-down-estimating techniques are a form of expert judgment. Since this project is similar to another recent project, you can use the cost estimates from the previous project to help you quickly determine estimates for the current project.
20 comments · newest first
CA
Candra
2 months ago
C) bottom-up could work, but it's too detailed for this urgency.
CH
Chantell
2 months ago
I vote for B) too. Accuracy isn't key right now. Just need a number.
RI
Rikki
2 months ago
But A) might take longer. B) is simpler for a ballpark figure.
DA
Darrin
2 months ago
I prefer A) parametric modeling. It gives a rough estimate based on variables.
LE
Leota
2 months ago
Agreed! B) is fast. We can use last year's data.
JO
Jospeh
3 months ago
I think B) analogous estimating techniques is the best choice. Quick and similar projects help.
DA
Daniela
3 months ago
Really? Can you trust B for a ballpark figure? Seems risky.
MA
Marguerita
3 months ago
I think B is perfect for this situation, no time for details!
MI
Michell
3 months ago
Wait, isn't A) parametric modeling better for accuracy?
LU
Lucia
3 months ago
Totally agree, B is the way to go for a fast estimate.
KA
Karl
3 months ago
I'd go with B) analogous estimating techniques. Quick and easy!
DE
Delila
4 months ago
Surprised they want a ballpark figure so soon! Feels rushed.
EM
Emerson
4 months ago
B) is definitely the best choice here!
LO
Lovetta
4 months ago
Wait, isn't A better for accuracy? Just saying...
VI
Vivan
5 months ago
Totally agree, B is the way to go for a fast estimate.
NI
Nieves
6 months ago
I'd go with B) analogous estimating techniques. Quick and easy!
SO
Solange
6 months ago
I’m a bit confused, but computerized modeling techniques seem too complex for a quick ballpark estimate. I’d lean towards something simpler.
CA
Carin
6 months ago
I practiced a question like this, and I think bottom-up estimating is more detailed, so it wouldn’t fit since she just needs a rough figure.
YV
Yvette
6 months ago
I'm not entirely sure, but I feel like parametric modeling techniques could also work if we have some reliable data points from last year’s project.
MY
Myrtie
7 months ago
I think I remember that for quick estimates, analogous estimating techniques might be the way to go since it's based on similar past projects.