Topic One
Explain analogous estimating
A high level estimate used to include program evaluation review techniques (PERT) estimations
Why control costs?
by analyzing and managing costs, the project manager can influence and manage changes related to cost
Explain three point estimating
Used to look at best case, worse case, and most likely estimates when creating cost
estimates.
Where does controlling cost occur?
Occurs during the monitoring and controlling process group.
Is it a PRO to procrastinate? True/False
False
Judgment and expertise is applied to any technical details- What technique does this apply to?
Expert judgment
What technique does this statement apply to?
-Estimates for future project performance based.
Forecasting
Name the technique based off of this phrase
-Used when estimating activities that are rolled up to create a total project estimate.
Bottom-Up Estimating
What is earned value management used for?
Used to measure project effectiveness in terms of execution.
Explain tracking gantt
a chart that compares planned and actual project schedule information
Explain activity cost estimates
Provide the probable costs associated with the use of resources needed to complete the project activities
Explain this output
-Change Request
Changes requested, but not formally approved by the official change control process of the project
What is parametric estimating?
Used to estimate the quantity of work and productivity rate per unit of work.
Explain the to-complete technique
Determines the efficiency needed from the remaining resources to meet the cost goals of the project and finish the project on time.
AC means what?
Actual Cost
What is the detailed explanation of the logic or rules that govern the cost estimate called?
Basis of estimates
What topic is described by this definition?
-Compares the amount of work completed versus the amount of work that SHOULD have been done.
Performing schedule analysis
What is analogous estimating?
A high level estimate used to include program evaluation review techniques (PERT)
estimations.
What is budget at completion?
The amount you expect the project to cost.
What does SV mean?
Schedule variance.
What is the importance of estimating costs?
Estimate costs and determining a budget- are part of the planning process for any project.
Explain performing costs analysis
Determines the project progress in terms of the amount of work completed (EV) versus what was paid to get the work done (AC).
What do activity cost estimates provide?
Provide the probable costs associated with the use of resources needed to complete the project activities.
What is work performance information used for?
Data will be used to communicate project status.
What does PV mean?
Planned value.