PM1 Unit 4 Estimations

A project manager estmates that most likely a rodeo will take 3 months to produce, an optomistic timeline would be 1 month will be, and if lots goes wrong it will take up to 7 months. What estimate should they give using the 3-point method? TE=(O+4L+P)/6

• 4 months

• 3 months 10 days

• 3.5 months

• 20 months 2 days

A project manager estmates that most likely a rodeo will cost $14,000 to produce, an optomistic cost would be $10,000, and if lots goes wrong it will take up to $27,000. What cost estimate should they give using the 3-point method?

TE=(O+4L+P)/6

• $15,600

• $13,500

• $30,000

• $15,500

A project manager estmates that most likely a rodeo will cost $14,000 to produce, an optomistic cost would be $10,000, and if lots goes wrong it will take up to $27,000. What cost estimate should they give using a 20% extra reserve analysis with the 3 point method?

TE=(O+4L+P)/6

• $18,600

• $30,000

• $14,850

• $16,800

A team is using vendor analysis with quotes to determine what to charge for hosting a competitive event at their local community center. Vendor A quoted $8,000, Vendor B quoted $10,500, and Vendor C quoted $5,500. What would be a safe quote to give based on vendor analysis?

• $9,000

• $8,000

• $10,500

• $5,500

An the expert wedding planner tells you that the wedding described should cost $15,000 with 300 memebers. What will you quote if the customer decides on 500 guests using the parametric method?

• $25,000

• $15,000

• $20,000

• $30,000