Question

estimation techniques discussed in the unit lesson, bottom up estimates are generally preferred. Reflect on which of the four appeals to you the most and why. which one would you be least eager to use and why?

Answer 1

answer-

Cost is the most important part of a project which a project manager wants to estimate in order to minimize the cost of the project.there are four estimating technique which are-

Analogous Estimating- This technique is employed to estimate the project cost when limited detail about the project is available. Therefore, this technique does not provide a very reliable estimation. The primary benefits of this technique are its lower cost and quick results.

Parametric Estimating- Like analogous estimating, parametric estimation uses historical data to calculate cost estimates; however, it also utilizes statistical data. It takes variables from similar projects and applies them to the current project.

Three Point Estimating- This technique is employed to reduce the biases and uncertainties in estimating assumptions. Three estimates are determined instead of finding one estimate, and then their average is taken to reduce the uncertainties, risks, and biases.

Bottom-up Estimating- The bottom-up estimating technique is also called the “definitive technique.” This technique is the most accurate, time-consuming, and costly technique for estimating the cost of a project. Here, the cost of every single activity is determined with the highest level of detail at the bottom level and then rolls up to calculate the total project cost.

for me, if my project is big and do not have past data to estimate the cost and there is high risk in my project then i would definetly use the bottom up estimating technique because it gives us accurate estimate about the cost . i would not use others because others are less accurate even though less time consuming but i thing accuracy is more important in projects where risk is high.

i would use Analogous Estimating least because it gives very less accurate estimate which can affect our project and increase risk and cost of the project.