Join ExamsbookAnswer : 2. "Use the cost of similar projects"
Iam looking to estimate the cost on a project, but I don't want to spend a lot of time on a detailed analysis. I really want a ballpark figure. What options do I have?5
Q: Iam looking to estimate the cost on a project, but I don't want to spend a lot of time on a detailed analysis. I really want a ballpark figure. What options do I have?
- 1None - Cost estimating requires details to be accuratefalse
- 2Use the cost of similar projectstrue
- 3Use a rule-of-thumb or per-square-foot estimatefalse
- 4Add up the costs on the WBSfalse
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Answer : 2. "Use the cost of similar projects"
Explanation :
Answer: B) Use the cost of similar projects Explanation: Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.