A project manager was assigned to a project with high uncertainty. What is the recommended method to calculate the project budget?

The correct answer is D. A mix of them. When a project has high uncertainty, no single estimation technique is sufficient on its own. Detailed estimation works well for clearly defined scope but breaks down in uncertain areas. Lightweight estimation is fast but sacrifices precision. Parametric estimation relies on…

Adaptive Frameworks/Methodologies

Question

A project manager was assigned to a project with high uncertainty. What is the recommended method to calculate the project budget?

Options

ADetailed estimation
BLightweight estimation
CParametric estimation
DA mix of them

How the community answered

(41 responses)

A
10% (4)
B
15% (6)
C
2% (1)
D
73% (30)

Explanation

When a project has high uncertainty, no single estimation technique is sufficient on its own. Detailed estimation works well for clearly defined scope but breaks down in uncertain areas. Lightweight estimation is fast but sacrifices precision. Parametric estimation relies on historical data that may not apply to novel or ambiguous work. Using a mix of methods lets the project manager apply the most appropriate technique to each part of the project based on the level of certainty - more rigorous methods where scope is defined, lighter methods where it is not. PMI recognizes that high-uncertainty environments require adaptive, blended approaches rather than a one-size-fits-all strategy.

Topics

#Project budgeting#Estimation techniques#High uncertainty#Adaptive planning

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