You work as a project manager for BlueWell Inc. Your project requires the project team to paint 1,500 hotel rooms. Your project team reports that it will take them approximately 4 hours to paint…

Question

Options

• AParametric estimate
• BDefinitive estimate
• CAnalogous estimate
• DBottom-up estimate

• A
  88% (49)
• B
  7% (4)
• C
  4% (2)
• D
  2% (1)

Explanation

This is an example of a parametric estimate. This estimate type uses a parameter, such as four hours of painting per hotel room, and multiplies this value across the total number of units, such as 1,500 rooms. A parametric estimate is an estimate that uses a parameter to predict the costs of the project, such as cost per network drop or cost per software license. Parametric estimating technique utilizes the statistical relationship that exists between a series of historical data and a particular delineated list of other variables. Answer option C is incorrect. An analogous estimate type uses a similar project's duration as a basis for the current project's estimate duration. Answer option B is incorrect. A definitive estimate type accounts for the duration or costs of each work package in the WBS. Answer option D is incorrect. A bottom-up estimate, also known as a definitive estimate, accounts for the duration or costs of each work package in the WBS.

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