Computer Science, asked by poulamiray2390, 1 year ago

Software cost estimation obervation on estimation mcqs with answer

Answers

Answered by naveenmaurya13
0

Answer:

Estimating the project cost can be a scaring exercise for many managers. It is often seen that many project managers across the industries burn the midnight oil to prepare a perfect estimation. Despite all the efforts, when the project cost exceeds the estimated budget, they face a lot of flak from all the corners. Though a perfect and accurate estimation of project cost may sound like climbing onto the peak of Himalayas, but a near perfect, appropriate estimation can be done with the help of few proper tools and techniques.

There are a lot of uncertainties associated with the project in terms of schedule, scope, and resources. You do not have the clear picture at the beginning; the story unfolds in the later stages. So, it is important to access the future activities of your project at the initial phases considering the available information.

Let us discuss the top 10 tools and techniques which are popular and are used for estimation –

Expert Judgement

While estimating the project cost, the first step is to take the comments from the experts. The experts are the people who have prior knowledge on similar kind of projects. So they can suggest valuable insight based on their experience. You can also take their advice on various tools and techniques that can be used to estimate similar kind of project.

Analogous Estimation

Normally, at the early stages of your project, you do not have much detail, so taking into account of similar projects previously completed by your organization, the cost of the project can be estimated. Analogous estimation technique uses the parameters such as scope, budget, duration, size, weight and complexity of previous projects having similar nature of works. It measures the current project on that basis and does the estimation.

The technique is less costly and less time-consuming. But the accuracy of this estimation is lower than the other estimation techniques as it is purely based on historical data. It can be applied to the whole project or some part of the project in combination with other techniques.

For example, if the budget of a particular activity in the previous project has X amount, and by measuring the same activity in your current project looks identical, then the same X amount can be applied to that.

Parametric Estimation

This technique uses an algorithm to calculate the cost of the activity considering the historical data and other project variables. A statistical relationship needs to be evaluated between the historical data and other variables. This technique can be used for the complete project or for some

of the activities in conjunction with other estimation techniques. This is one of the most accurate techniques to estimate the cost of the project.

For example, in an industrial project, one of the activities is to make 10 valves in the first phase. So as part of historical data gathering, you got the information that construction of each valve requires $150.

Based on that information you can calculate as:

Total cost of making 10 valves = cost per valves * no. of valves

Total cost = $150 *10= $1500

Answered by nikhildisle17
0

Answer:

gbbsfhjjcfghjjhhvvgfgfcc

Similar questions