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Parametric - Analogous - Three-Point Estimating - P1 - Practice Test

Parametric Analogous Three-Point Estimating

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19 views

Parametric - Analogous - Three-Point Estimating - P1 - Practice Test

Parametric Analogous Three-Point Estimating

Uploaded by

filipogues
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Here are 20 multiple-choice questions about Parametric, Analogous, and Three-Point Estimating, along

with the answers:

### Parametric Estimating

1. **What is parametric estimating based on?**


a) Historical data and statistical relationships
b) Expert judgment
c) Analogous projects
d) Monte Carlo simulations
**Answer:** a) Historical data and statistical relationships

2. **Which of the following best describes parametric estimating?**


a) A technique that uses the actual cost of previous, similar projects as the basis for estimating
b) A technique that uses statistical relationships between historical data and other variables
c) A technique that involves estimating by summing up the costs of individual work packages
d) A technique that uses expert judgment to estimate costs
**Answer:** b) A technique that uses statistical relationships between historical data and other
variables

3. **In parametric estimating, the accuracy of the estimate depends on:**


a) The expert's opinion
b) The quality of the historical data and the statistical relationship
c) The complexity of the project
d) The size of the project team
**Answer:** b) The quality of the historical data and the statistical relationship

4. **Which of the following is an example of parametric estimating?**


a) Using the cost per square foot to estimate the cost of a building
b) Using expert judgment to estimate costs
c) Comparing the cost of a previous project to estimate the current project's cost
d) Estimating costs by summing up individual work packages
**Answer:** a) Using the cost per square foot to estimate the cost of a building

5. **Parametric estimating is most useful when:**


a) The project is unique with no historical data
b) There are detailed work packages available
c) There is a strong statistical relationship between variables
d) The project is in the early conceptual phase
**Answer:** c) There is a strong statistical relationship between variables

### Analogous Estimating

6. **Analogous estimating is also known as:**


a) Parametric estimating
b) Bottom-up estimating
c) Comparative estimating
d) Three-point estimating
**Answer:** c) Comparative estimating

7. **Which statement best describes analogous estimating?**


a) It uses a detailed, bottom-up approach to estimate project costs
b) It relies on expert judgment to determine the cost of each work package
c) It uses the actual cost of previous, similar projects as the basis for estimating
d) It applies statistical methods to historical data to estimate costs
**Answer:** c) It uses the actual cost of previous, similar projects as the basis for estimating

8. **Analogous estimating is most appropriate when:**


a) Detailed project information is available
b) There are significant similarities between the current and previous projects
c) Statistical data is not available
d) Expert judgment is not reliable
**Answer:** b) There are significant similarities between the current and previous projects

9. **What is a major disadvantage of analogous estimating?**


a) It is very time-consuming and expensive
b) It is not accurate when there are differences between the compared projects
c) It requires extensive statistical data
d) It does not consider the project scope
**Answer:** b) It is not accurate when there are differences between the compared projects

10. **Which of the following best describes the type of projects where analogous estimating is most
effective?**
a) Unique projects with no historical data
b) Projects that are similar to previous projects
c) Projects with a high degree of uncertainty
d) Small projects with detailed cost information
**Answer:** b) Projects that are similar to previous projects

### Three-Point Estimating

11. **Three-point estimating involves calculating an estimate based on:**


a) The average of three different project estimates
b) Three different estimating techniques
c) The optimistic, pessimistic, and most likely estimates
d) The minimum, maximum, and average estimates
**Answer:** c) The optimistic, pessimistic, and most likely estimates

12. **The formula for calculating the three-point estimate (using the PERT method) is:**
a) (Optimistic + Pessimistic + Most Likely) / 3
b) (Optimistic + Pessimistic + (4 * Most Likely)) / 6
c) (Optimistic + Pessimistic + (2 * Most Likely)) / 4
d) (Optimistic + Most Likely + (4 * Pessimistic)) / 6
**Answer:** b) (Optimistic + Pessimistic + (4 * Most Likely)) / 6

13. **Which of the following is a key benefit of three-point estimating?**


a) It is less time-consuming than other estimating techniques
b) It reduces the bias and uncertainty in estimates
c) It does not require historical data
d) It is based solely on expert judgment
**Answer:** b) It reduces the bias and uncertainty in estimates

14. **Three-point estimating is particularly useful when:**


a) There is a lot of uncertainty in the estimate
b) There is detailed historical data available
c) The project is very similar to previous projects
d) The project has a fixed budget
**Answer:** a) There is a lot of uncertainty in the estimate

15. **In three-point estimating, which estimate represents the most pessimistic scenario?**
a) Optimistic estimate
b) Most likely estimate
c) Pessimistic estimate
d) Average estimate
**Answer:** c) Pessimistic estimate

### Combined Concepts

16. **Which estimating technique would be most appropriate for a high-level, early project estimate?**
a) Bottom-up estimating
b) Parametric estimating
c) Analogous estimating
d) Three-point estimating
**Answer:** c) Analogous estimating

17. **When should parametric estimating be preferred over analogous estimating?**


a) When historical data is not available
b) When there is a strong correlation between historical data and the estimate
c) When the project is unique
d) When the project team has little experience
**Answer:** b) When there is a strong correlation between historical data and the estimate

18. **Which of the following techniques can provide a range of possible estimates rather than a single
value?**
a) Parametric estimating
b) Analogous estimating
c) Three-point estimating
d) Bottom-up estimating
**Answer:** c) Three-point estimating

19. **In which estimating technique is the accuracy highly dependent on the quality of the historical data
used?**
a) Three-point estimating
b) Analogous estimating
c) Parametric estimating
d) Expert judgment
**Answer:** c) Parametric estimating

20. **Which estimating method is likely to produce the most accurate estimates if detailed project
information is available?**
a) Parametric estimating
b) Analogous estimating
c) Three-point estimating
d) Bottom-up estimating
**Answer:** d) Bottom-up estimating

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