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1. What factors can be used to create inter-relationships between estimated project effort, time and money?
Parametric models and PERT estimates
Project boundary conditions provided by stakeholders
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?
Medical expenses for a team who gets ill.
Travel associated with project tasks
Depreciation of equipment bought for the project
3. Since both are measured in units of time, what is the difference between an effort estimate and a duration estimate on a project?
They are measuring the same thing but effort is measured in hours and duration is measured in days.
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.
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