1) In performing bottom-up estimating, you take each activity in a work package and, in calculating the costs for that activity, take into consideration which of the following? Choose two.

Materials required

Work effort duration

Hourly or daily rate

Sick leave and vacation time

Paid holidays

2) From the list below, select the most precise form of project cost estimation.

Analogous

Top-down

Parametric

Bottom-up

Expert judgment

3) In which process is the majority of the project budget spent?

Initiating

Planning

Executing

Controlling

Closing

4) How is burn rate typically calculated?

CV

CPI

CPR

AC-PV

5) You'll use analogous estimating in the final stages of creating your project budget. (True / False)

True

False

1.Most if not all projects rely on accurate cost-estimating and budgeting in order to succeed. Identify and describe one of the cost-estimating techniques. In which circumstances would this technique be most effective? Which other technique or techniques could also be used under the same circumstances to refine the initial estimate?

2.The cost-estimating techniques sound very similar to the time-estimating techniques used when creating the Project Schedule. In what ways are they similar? In what ways do they differ? Do you feel it's reasonable to use the same tools (software, etc.) to do both?

3.Identify and describe one of the expenditure tracking techniques. Give an example the circumstances where this technique would be most useful. Support your answer by demonstrating the technique with hypothetical numbers. Do all the techniques apply to all circumstances? Discuss why or why not.