Unit 4 Budgeting

Front

Project managers can combine estimating methods or develop their own.

Back

True

Front

Importance of Time in Estimation

Back

The time required to complete a work activity dictates the labor costs required.

Front

Purpose of Top-Down Methods

Back

To determine how a project will meet a business need and estimate costs and duration.

Front

WBS Development

Back

Occurs if a project is approved, allowing for more detailed estimating.

Front

Applications of Parametric Estimating

Back

Ratio and apportion methods.

Front

Project Life Cycle

Back

The stages a project goes through from initiation to completion.

Front

How the apportion method allocates project costs.

Back

Overall budget is divided among major work areas based on customer’s budget or similar projects.

Front

Why are indirect costs included as overhead?

Back

Because they are shared across work activities and not directly attributable to a specific project.

Front

Image of a handshake between two people.

Back

A handshake is a common gesture of greeting, agreement, or parting.