Get Started
940

Q: Iam looking to estimate the cost on a project, but I don't want to spend a lot of time on a  detailed analysis. I really want a ballpark figure. What options do I have?

  • 1
    None - Cost estimating requires details to be accurate
  • 2
    Use the cost of similar projects
  • 3
    Use a rule-of-thumb or per-square-foot estimate
  • 4
    Add up the costs on the WBS
  • Show Answer
  • Workspace

Answer : 2. "Use the cost of similar projects"
Explanation :

Answer: B) Use the cost of similar projects Explanation: Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.

Previous Next

The Most Comprehensive Exam Preparation Platform

Get the Examsbook Prep App Today