Learning Objective Level of Detail Level Easy 76 The Consensus method of

Learning objective level of detail level easy 76 the

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Learning Objective: Level of DetailLevel: Easy76. The Consensus method of estimating costs is a bottom-up technique.FALSEThese first top-down estimates are only a rough cut and typically occur in the "conceptual"stage of the project.Learning Objective: Methods for Estimating Project Times and CostsLevel: Easy5-50lOMoARcPSD|3016524Chapter 05 - Estimating Project Times and Costs77. The salary of the project manager and her administrative assistant is classified as directlabor costs.FALSEDirect project overhead costs can be tied to project deliverables or work packages. Examplesinclude the salary of the project manager and temporary rental space for the project team.Bloom's: ComprehensionLearning Objective: Types of CostsLevel: Medium78. General and Administrative costs are usually allocated as a percent of the total of a direct1-169
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cost such as labor, materials, or equipment.TRUEG&A costs are usually allocated as a percent of total direct cost, or a percent of the total of aspecific direct cost such as labor, materials, or equipment.Bloom's: ComprehensionLearning Objective: Types of CostsLevel: Medium79. The apportion method is a top-down approach that uses the pooled experience of seniorand/or middle managers to estimate the total project duration and cost.FALSEApportionment is used when projects closely follow past projects in features and costs. Givengood historical data, estimates can be made quickly with little effort and reasonable accuracy.This method is very common in projects that are relatively standard but have some smallvariation or customization.Learning Objective: Methods for Estimating Project Times and CostsLevel: Easy5-51lOMoARcPSD|3016524Chapter 05 - Estimating Project Times and Costs80. The function point method of time and cost estimating is best applied to projects that havelarge, complex physical deliverables, such as a bridge or building.FALSEIn the software industry, software development projects are frequently estimated usingweighted macro variables called "function points" or major parameters such as number ofinputs, number of outputs, number of inquiries, number of data files, and number ofinterfaces.Learning Objective: Methods for Estimating Project Times and CostsLevel: EasyShort Answer Questions81. Identify and briefly describe the two major categories of estimating project time andcosts.1. Top-down estimates made by top management, and 2. bottom-up estimates are made bythose responsible for completing the work packagesBloom's: ComprehensionLearning Objective: Top-Down versus Bottom-Up Estimating1-170
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Level: Medium82. Why are the estimates for a project's time and costs important for all phases of a project?The estimates serve as the standard for comparison of actual and plan throughout the life of aproject.
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