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Project Management Practice Test 1 Flashcards | Quizlet A project manager is trying to estimate costs for a new project to develop bottles out of recycled material What method should be utilized for this type of estimating?
Project Manager Is Trying to Estimate Costs New Project to Develop . . . The question involves cost estimation methods in project management Parametric estimating is the most suitable method here because it uses statistical relationships between variables (e g , cost per unit) to predict project costs
Project Cost Estimation: How to Estimate Project Cost To create a project estimate, you should first define your project scope and then create a project cost breakdown structure, which allows you to pinpoint all of your different project costs for each stage of the project life cycle
PM study Flashcards | Quizlet A project manager is trying to estimate costs for a new project to develop bottles out of recycled material What method should be utilized for this type of estimating?
Exam PMP topic 1 question 474 discussion - ExamTopics To estimate the costs of a new project that is similar to a project that was implemented last year, the project manager meets with a group of experts from the previous project The group uses a three-point estimating technique The project manager submits the estimated budget to the project sponsor for approval
Cost estimation in project management: A complete guide Here are two main types of cost estimates to consider in project management: 1 Ballpark (Rough) estimate A ballpark estimate is a high-level approximation of cost, often given as a range, used in the very early stages of a project Ballpark estimates are typically based on limited information
Section 13: Project cost management quiz Flashcards | Quizlet Your manager informs you that this project requires a precise cost estimate so you need to choose the most accurate estimating approach possible Which one of the following provides the least accuracy in estimating?
A project manager is trying to estimate the cost for a new project to . . . For estimating the cost of developing bottles from recycled material, the project manager should use Bottom-up estimating (C) This method involves estimating the costs of individual tasks in detail and summing them for a comprehensive project cost