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PMP: Cost Management : Estimate Costs Tools n Technique

Estimate Costs Tools n Techniques

Estimate Costs Tools n Techniques
Expert Judgment
Analogous Estimating
Parametric Estimating
Bottom-up Estimating
Three-point Estimating
Reserve Analysis
Cost of Quality
Project Management Software
Vendor Bid Analysis
Group Decision-Making Techniques

List of Estimate Costs Tools n Techniques

• Expert Judgment

• Analogous Estimating

• Parametric Estimating

• Bottom-up Estimating

• Three-point Estimating

• Reserve Analysis

• Cost of Quality

• Project Management Software

• Vendor Bid Analysis

• Group Decision-Making Techniques

Which type of cost estimation technique defines the statistical relationship between relevant historical data?

• a) Analogous Estimating

• b) Parametric Estimating

• c) Bottom-Up Estimating

• c) Three-Point Estimating

Answer: Parametric Estimating

Which type of cost estimation technique defines The cost of individual work packages or activities is estimated to the greatest level of specified detail?

• a) Analogous Estimating

• b) Parametric Estimating

• c) Bottom-Up Estimating

• c) Three-Point Estimating

Answer: Bottom-Up Estimating

Which type of cost estimation technique is a gross value estimating approach?

• a) Analogous Estimating

• b) Parametric Estimating

• c) Bottom-Up Estimating

• c) Three-Point Estimating

Answer: Analogous Estimating