APM PMQ - Project Delivery (Estimating Schedule & Resource Optimisation Conflict Mgmt Negotiation Knowledge And Info Mgmt Earned Value Mgmt) Complete Solutions(Rated A+)

what is estimating - ANSWER-uses different methods to produce a prediction of the time and resources required to complete the scope of the work to the defined quality requirements. when do estimates become more accurate - ANSWER-Throughout the project, it is required for the PM to produce estimates. Estimates are often described as approximations as can never be 100% accurate. The accuracy of the estimate highly depends on the amount of information available throughout the project lifecycle. More data/ information becomes readily available as the project progresses through the lifecycle and therefore re-estimations are vital. what are the approaches to producing estimates - ANSWER-1. parametric 2. analogous 3. analytical 4. delphi explain the approaches to producing estimates - ANSWER-Analogous is an ideal estimating technique to use in the Concept phase, as a newly formed project can produce their first initial estimates on budgets, costs and timelines using historic events and data from previous similar projects. During the Definition phase, PMs may want to use the analytical technique where large and complex activities are broken down into smaller more achievable tasks i.e., when the high-level project aims/ objectives get broken down into workstreams and working groups and project tasks. PMs can use Work Breakdown Structures (WBSs) to help break down these high-level tasks. During the Deployment phase, parametric estimating would be a beneficial technique to use as the project will have defined parameters allowing the PM to establish time and costs for particular project activities. This method relies on the project having a statistical relationship between historic data from previous projects and other variables in order to calculate an estimate. Estimates calculated are usually like for like. During the Transition phase and throughout other phases the PM can use the Delphi method, which uses a group of experts to provide their consensus on the estimates for the project or tasks. These views are then collated into a summary report. If there are any updates to their opinions, then the summary report is updated and recirculated to the group. This means over time the experts' estimates will become more accurate as the project progresses and therefore a useful method to use throughout the project. explain the benefits of re-estimating throughout the project lifecycle - ANSWER-Increases the involvement of the project team as more team members will become involved as the project progresses through the lifecycle. Thus, these members can provide their technical expertise to the estimates, increasing the estimate's accuracy. Opportunity for the project team to incorporate their lessons learned during reviews stages