Understand the basics of project budgeting: estimation, cost tracking, actuals, remaining work, variance and trade-offs.
This deck is for anyone working on delivery related to Project Management, from beginner to intermediate.
You will work on points such as: What is the key characteristic of top-down project cost estimation? · At project initiation, which estimate type provides a very rough cost… · Which estimate type is used when scope and design are well defined an….
1What is the key characteristic of top-down project cost estimation?
Answer: It starts from an overall project figure and allocates it to components
2At project initiation, which estimate type provides a very rough cost indication?
Answer: Order-of-magnitude estimate
3Which estimate type is used when scope and design are well defined and stable?
Answer: Definitive estimate
4Which estimation technique derives current costs from a similar past project?
Answer: Analogous estimation
5In cost control, what is the primary role of the initial cost estimate?
Answer: Provide a preliminary view of expected costs before setting the formal budget
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