29 Jun Question Match the appropriate cost estimate process to the scenario.
Question
Match the appropriate cost estimate process to the scenario.
Terms:
1. Apportion
2. Bottom-up estimates
3. Direct Costs
4. Delphi Method
5. Overhead Costs
6. Padding estimates
7. Range estimate
8. Ratio method
9. Time and Cost Databases
10. Top-down estimates
Answer choices:
A. John is the Department Manager for the IT department of a large company. He is responsible for three large projects over the next year with a total budget of one million dollars. He decides that Project 1 will use 10% of the budget, Project 2 will use 35% of the budget, and Project 3 will use 55% of the budget. It is the only way he knows how to quickly get an estimate to the executive officers.
B. Sarah has been asked as member of many project teams in her company to help her manager determine the costs on the next two projects they will both be a part of in the next couple of months. They will turn their budget numbers for their tasks into the project manager. Other team members will be turning in their estimates as well.
C. The salaries for the staff members and the money needed to hire an outside consultant to work on the fire extinguisher installation project will be incorporated in the entire project cost
D. Abdul, an executive with a larger utility company has brought in experts in installation, current, wiring, and technology to get the best cost estimates for the big projects the company will be working on over the next year. He plans for these experts to give him accurate figures and may even run their estimates by other experts in the field.
E. Jaime is an accountant for a construction company that completely works on a project basis. It is his job to determine the units of time and labor for the administrative staff, as well as the percentage of building costs that should be charged to every project the company is working on.
F. Henrietta knows that it isn’t good practice, but she overestimates the cost of her projects by 15% because with every project she has been a manager of in the past, the budget gets cut by 10%.
G. Kurt and Sari have to get costs together quickly for a huge two year project for the company they work for. The projects will use a number of outside resources. The two project managers are asking for estimates from these resources which include the average cost, the lowest cost that could possibly happen, and the “worst case scenario” when it comes to cost. Using these three cost estimates will help them know what the budget could be for their project.
H. Lucy’s boss asked her this morning for a cost estimate on the new design project. He needs the information before she leaves for the day. The project is different from what she’s done before, but in order to give a quick estimate she looks at four other projects she’s done in the past. Taking a look at the cost on those she “guestimates” the project cost based on the cost of the other four projects.
I. Ruth has been promoted to Senior Project Manager. The executives at her company are pleased with how well she estimates and manages her projects. Ruth keeps a spreadsheet of all of her project information; cost, time, and effort, as well as what went wrong, and what went right during the projects. The spreadsheet allows her to make good estimates on her future projects.
J. Frank is not sure he is cut out to be a project manager. He likes the work, but his projects never come in on budget or on time. He has tried to discuss with his boss that he needs to have input on these issues, but his boss has told him that upper management always sets the time and budget on projects.
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