APM PMQ - Project Delivery Exam Questions & Answers | Passed

APM PMQ - Project Delivery Exam Questions & Answers | Passed Purpose of estimates - ️️ 1) Use in investment appraisals 2) Creating a resource schedule 3) Budget setting 4) Risk analysis + contingency determination Benefits of re-estimating - ️️ 1) reduced contingency reserves 2) greater team involvement 3) Incorporate lessons learned 4) increased chance of adhering to estimates 5) decreased risk of estimating errors Approaches for estimating: - ️️ PAAD 1) Parametric (using historical data) - use in deployment 2) Analogous (previous project cost for order of magnitude) - use in concept 3) Analytical (calculates labour + non-labour costs for all work) - use in definition 4) Dephi (each team member estimates in private, then compiled) - useful at all lifecycle phase Project schedule development process - ️️ Schedule development: 1) identify tasks from WBS 2) Estimate duration (effort) for each task 3) determine relationships (dependencies) 4) optimise schedule + test logic 5) Assign resources to tasks