APM PMQ - Project Delivery Exam with Correct Answers

APM PMQ - Project Delivery Exam with Correct Answers what is estimating - ️️ 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 - ️️ 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 - ️️ 1. parametric 2. analogous 3. analytical 4. delphi explain the approaches to producing estimates - ️️ 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