Practice Quiz

PMI PMP Project Management

Category - Cost Management

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Jan the Project Manager has gathered all of the estimates from her team members with respect to their particular work packages and has worked them up into one project estimate she’s going to present out to management. This is an example of what type of estimating?
  1. Analogous
  2. Bottom-up
  3. Parametric
  4. 3-point
  5. Top down
Explanation
Answer: b - This would be an example of bottom-up estimating. Analogous would be using similar projects on which to base your estimate.

Parametric involves mathematical models to create estimates and

Three-point estimates are derived from 3 different people.

Top down is estimating the project as a whole and comparing it to previously performed similar projects.

Analogous estimating is a form of top-down estimation.

Key Take Away: Bottom-up estimating is the most time consuming methodology, but also the most accurate in most cases.
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