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1. What technique should be used to remove uncertainty from project estimates?
The Earned Value technique accounts for uncertainty in project estimates.
You cannot remove uncertainty from project estimates.
Project reserves are used to account for uncertainty in project estimates.
2. When estimating a “standard” task for which there is little uncertainty, which value should be used, the best case, worst case, average, or some other value?
Average value or the result of an approved estimating technique for that task.
Since it is a standard task, you should use an industry benchmark estimate.
3. What is the preferred approach to use when estimating a “dependent” task – that is one that strongly depends upon a factor that is not known or controllable at the time of project planning?
Select the average of estimates that would occur due to the different factor conditions.
Use a conservative estimate and manage the factor.
Use an aggressive estimate and manage the factor.
4. How do you set the estimate for the “unknown unknowns” on the project (the activities that you have no experience with and don’t even know they will be required)?
Set a value of 0. You cannot estimate “unknown unknowns.”
Make a “wild guess” and set a reserve based upon project risk.
Add up all of the project estimates and set a reserve level of 10%.
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