You have received an urgent call from management and they asked you to find the cost estimate of a new project. Since time is critical and you have to provide them with the cost estimate, which technique will you use to calculate the project cost?
A. Parametric
B. Analogous
C. Bottom Up
D. Triangular Estimate
Answer:B
You have received an urgent call from management and they asked you to find the cost estimate of a new project. Since time is critical and you have to provide them with the cost estimate, which technique will you use to calculate the project cost?
A. Parametric B. Analogous C. Bottom Up D. Triangular Estimate
Explanation: In all estimating techniques, the analogous cost estimation is the fastest. In this estimation, you see the cost of any past similar project and apply the parameters to your project and get the approximate cost. Reference: The PMBOK Guide, 6th Edition, Page: 244