Question 5)

1. Parametric cost estimates utilize a bottom-up approach	True False
2. Engineering cost estimates require detailed designs	True False
3. Rough order of magnitude estimates are most often associated with Parametric cost estimating	True False
4. Engineering cost estimates are quick and easy to develop	True False
5. Class 1 estimates are the initial/basic estimate, usually involving the largest range of error	True False
6. According to Standish, more than 50% of all IT projects experience cost overruns of 51% or more	True False
7. Tetlock believes Hedgehogs make better forecasters due to their cognitive style that is biased towards a single idea or approach.	True False
8. When developing a cost estimate, determining the estimates purpose is one of the most important steps	True False
9. Updating an estimate is recommended only when it is easily achieved	True False
10. Analogy estimates are based upon years of highly accurate data, therefore is the gold standard whenever possible	True False