You are working with your work package owners to determine the activity cost estimates. An activity cost estimate includes all of the following resource categories except:

Your team lead has suggested that you evaluate various estimating techniques in order to provide the most comprehensive estimate possible. You decide to use parametric estimating. Parametric cost estimating involves:

The previous project manager of your newly assigned project leveraged analogous estimating to determine the project costs. Analogous estimating:

Your project is getting ready to kick-off and your sponsor has requested updated cost estimates. Which of the following is not true about cost estimates?

You have been assigned a project that you have minimal experience with in the past. Unfortunately, the organization has also not pursued this type of initiative previously. The leadership team is asking for an estimate of costs. Based on your limited knowledge, what type of estimate would you most likely provide?

You are gathering the cost estimates for the renovation project. Upon reviewing cost data on previous projects, you find that for 20-member teams, the average equipment cost was $3,800. You anticipate a 15-person team. Which statement is most accurate?

The difference between the cost baseline and the total project budget can be best described as:

Given the launch of the new system, you need to take into consideration the cost of associated hardware and software. Your IT team lead anticipates the costs to be approximately $18,000. However, if an upgrade is necessary, it could cost as much as $30,000. There is a chance that existing hardware can be used, which would bring the costs as low as $7,000. What is the best estimate?

Successful adoption of the CIS project is going to be dependent upon a thorough training program for the service representatives. In order to develop your sizing, you review the documentation from the financial system roll-out last year. To provide the same population with classroom training for that project cost $37,500. In addition, IT recently provided all users with trouble-shooting manuals for a similar system, at a cost of $12,000. Troubleshooting manuals will be used for this project as well. Which statement is most accurate?

During the pilot of the CIS project, 1,000 customer records were updated and added to the new system. The cost from the vendor was $500. You know that for the full launch you will need to update and transfer 500,000 additional customer records. What will be the best estimate for the full launch?

Your client requires a major scope change due to a change in the market conditions. The scope change would add costs to the project. You currently have funding in your budget contingency reserve. What is the best thing you should do?

Your $85,000 project is estimated to take 12 weeks and you are 30% complete. What will the planned value (PV) be at the end of the project?

You have been assigned the management of a $750,000 infrastructure renovation project. The work is anticipated to take two years to complete and the budget has been allocated as below. What is the planned value (PV) of the work upon completion of period six?

The work package owners and other team members have provided the cost estimates for their components of the project. You have evaluated the estimates provided and assessed the contingency requirements. What should you do next?

On a particular component, the work package owner leveraged a triangular 3-point estimate, calculated at $128,333. If the optimistic estimate was $98,000 and the most likely estimate was $112,000, what was the pessimistic estimate?