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1. What is the best technique to use when estimating project costs?
The cost estimate is provided to the project team when the budget is established by stakeholders.
There is no single best technique. Use one that accommodates both your organizational capabilities and project constraints.
The best technique for cost estimating is to use Bottom Up estimate.
2. The analogous estimating technique is one of the most popular project estimating techniques. What does it rely upon?
The project boundaries are clear and achievable.
The industry has established formulas that are based upon industry averages from similar projects.
The estimator has relevant experience on another project that is used to create the estimate on this project.
3. What are the three points that a three point estimate uses?
Beginning of the project, end of the project, and mid-point in the project.
Best case, worst case, and most likely case.
High risk, low risk, and no risk.
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