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1. What factors can be used to create inter-relationships between estimated project effort, time and money?
Project boundary conditions provided by stakeholders
Parametric models and PERT estimates
Resource cost and resource availability
2. In addition to the cost of the work effort, what is another cost factor that is related to personnel and needs to be included in a project estimate?
Depreciation of equipment bought for the project
Travel associated with project tasks
Medical expenses for a team who gets ill.
3. Since both are measured in units of time, what is the difference between an effort estimate and a duration estimate on a project?
The duration estimate is a best case estimate and the effort estimate is a worst case estimate.
The effort is the amount of work to be done. Duration is how many days on the calendar it takes from start to finish.
They are measuring the same thing but effort is measured in hours and duration is measured in days.
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