Which estimating method tends to be most costly for creating a project cost estimate?
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19) Which estimating method tends to be most costly for creating a project cost estimate?A.Bottom-upB.AnalogousC.ParametricD.50 / 50 Show
20) To gain a clear indication of how the project is progressing, the buyer expects periodic reporting that includes analysis ofthe work that has been accomplished according to plan, the dollars that have been spend and how they reflect theplanned expenses, the accepted deliverables, and evaluation of the risk events that have occurred. Which of the followingrepresents the estimated value of the work actually accomplished? Get answer to your question and much more 21) Which of the following are all items incuded in the cost management plan? Get answer to your question and much more 22) Your project has a medium amount of risk and is not very well defined. The sponsor hands you a project charter and asksyou to confirm that the project can be completed within the project cost budget. What is the best method to handle this? Get answer to your question and much more 23) You are leading a project to introduce a new healthcare appointment scheduling application. As you are creating plansdetailing how the team will respond to possible events that may impact the project, you and the team determine theamount of cost contingency resever needed. The cost contingency reserve should be:A.Hidden to prevent management from disallowing the reserve.B.Added to each activity to provide the customer with a shorter critical path.C.Maintained by management to cover cost overruns.D.Added to the cost of the project to account for risks. 24) You are having difficulty estimating the cost of a project. Which of the following best describes the most probable cause ofyour difficulty? Get answer to your question and much more 19. Which estimating method tends to be MOST costly for creating a project cost estimate?A. Bottom-upB. AnalogousC. ParametricD. 50/50 20. Which of the following represents the estimated value of the work actually accomplished? Get answer to your question and much more 21. Which of the following are ALL items included in the cost management plan? Get answer to your question and much more 22. Your project has a medium amount of risk and is not very well defined. The sponsor hands you aproject charter and asks you to confirm that the project can be completed within the project costbudget. What is the BEST method to handle this? Get answer to your question and much more 23. The cost contingency reserve should be:A. Hidden to prevent management from disallowing the reserve.B. Added to each activity to provide the customer with a shorter critical path. Recommended textbook solutionsIntermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 338 solutions
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Financial Accounting2nd EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,208 solutions Which estimating method tends to be the most time consuming and precise for arriving at the cost estimate?The bottom-up estimating technique is also called the “definitive technique.” This is the most accurate cost estimation tool but it consumes time and resources.
How do you do a cost estimate?The most common way to estimate costs is to make a list of items you need and add up their costs. Make sure you include all applicable costs, such as equipment and parts, materials and supplies, labor, financing, fees and licensing, transportation, and acquisition costs for land or facilities.
Which type of project cost estimate is the most accurate A preliminary B Definitive C order of magnitude D conceptual?Explanation: Definitive cost estimate provides an accurate estimate of project costs. It is used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs. The accuracy of this type of estimate is normally -5 percent to +10 percent.
What is variable cost in project management?Variable costs are costs that change with the amount of work involved with a project. Examples of variable costs are hourly labor, the cost of material, the cost of supply, fuel for bulldozers, etc.
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