Question: You are managing a construction project that is currently being initiated. You met with the sponsors, and have started to work on identifying stakeholders. Youve

You are managing a construction project that is currently being initiated. You met with the sponsors, and have started to work on identifying stakeholders. You’ve documented several key stakeholders and identified their needs. Before you can finish initiating the project, your company guidelines require that you make a rough order of magnitude estimate of both time and cost, so that the sponsor can allocate the final budget.

What’s the range of a rough order of magnitude (ROM) estimate?

A. -10% to +10%

B. -50% to +50%

C. -50% to +100%

D. -100% to +200%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Construction Project Management Questions!

Hoover, the wealthy heir to a candy fortune who spent his days managing his extensive stock and bond portfolio, married Wendy on December 31, 2014 and live in California . Wendy was a physician and...

You are managing a construction project that is currently being initiated. You met with the sponsors, and have started to work on identifying stakeholders. Youve documented several key stakeholders...

MGT6153.E1 Summer 2016 Multiple-Choice Exercise 3 Total Questions: 40 This assignment is due by Saturday of Week 9 August 13th at 11:59 PM Central Time. Identify the choice that best completes the...

Case study : Stakeholder Analysis_Nicol Building Subject : Project Management Program : Master of Engineering Management The Nicol Building, completed by Carleton University in 2021, is a...

The New CIO for Rose Industries BACKGROUND Rose Industrieswas a manufacturer of electrical products for the home. A large portion of its business base was devoted to the design, development, and...

Chapter 2 - Planning Project Communication IN THIS CHAPTER Struggling with Proper Project Communication Planning Preventing Common Communication Problems Creating a Project Communication Plan...

Q-1 Read the case properly and elaborate on risk assessment and Link your analysis to Don Rogers feeling about Tetra Techs risk. What has Tetra Tech done to overcome the difficulties associated with...

1. Article 1 Article Corporate social responsibility and the parameters of dialogue with vulnerable others Robyn Mayes Curtin University, Australia Barbara Pini Curtin University, Australia Paula...

Please assist in Changing the Answers to the below: Robinson's Refinery Background Robinson's Refinery is an organisation which runs a large refinery that accepts locally mined ore and refines this...

Analysis of lean construction practices at Abu Dhabi construction industry Raid Al-Aomar 1 Abstract Question: What are the current construction wastes in Abu Dhabi (AD) construction industry and what...

In the introductory stage of the product life cycle, what are some of the unethical practices that managers could engage in to enhance their firms market position? What could be some of the long-term...

The probability that a person does his or her own return is 0.85. The probability that a person receives a refund is 0.76. The probability that a person does his or her own return and receives a...

It is almost impossible to calculate which statistics for most real estate investments? ( Select all that apply ) Group of answer choices NPV Covariance Standard deviation None of these

a. Financial statements should aid the user of the statements in making decisions. In your opinion, would the user of the statements be aided if there were a distinction between financial reporting...