Definitive estimates are generally derived from: Question 45 Select one: a. Bottom-up estimates b. Top-down estimates c. Expert judgment cost estimates d. Order of magnitude estimates
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- The question asks about the source of definitive estimates. Definitive estimates are detailed and accurate cost estimates used in project management. Show more…
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When using estimates to make decisions, _________________________. Select the one best answer. It is important to always use a 95% confidence interval It is important to remember that you will never achieve certainty It is important to calculate those estimates to at least six decimal places It is important to use a 100% confidence level so as to achieve certainty All of the above None of the above
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Which statement is not true with respect to estimating the economic impacts of proposed engineering projects? (a) Order-of-magnitude estimates are used for high-level planning. (b) Order-of-magnitude estimates are the most accurate type at about –3 to 5%. (c) Increasing the accuracy of estimates requires added time and resources. (d) Estimators tend to underestimate the magnitude of costs and to overestimate benefits.
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