Section 2: Fill in the blank with the correct word using the list of terms provided below: (0.5 mark each)

Work package, planning horizon, top-down, macro, bottom-up, micro, padding estimates ,apportion.

1.Estimates that are typically based on estimates of elements found in the work breakdown structure are called ________ estimates.

2.Estimates that are usually derived from analogy or mathematical relationships are called ________ estimates.

3.The estimating factor known as ________ considers the decreasing accuracy of estimates as one forecasts activities that are further into the future.

4.The tendency to over-estimate project time and cost in order to improve the likelihood of meeting the estimates is known as the ________ factor.

Circle the correct choice (0.5 mark each)

1. Project estimates should be broken down into as much detail and with as much accuracy as possible.

TF

2. Estimating the total cost of a house by multiplying the total square feet by a cost per square foot is an example of the apportion method of estimating costs.

TF

3. Organization culture can significantly influence project time and cost estimates.

TF