Once most of the design work is complete,at a point when the scope and capabilities of the project are quite well understood,a ________ may be developed.
A)definitive estimate
B)comparative estimate
C)parametric estimate
D)non-parametric estimate

Question

Quizplus · Accepted Answer

A definitive estimate is the most accurate and detailed estimate that takes into account every aspect of the project's scope, design, requirements, and deliverables. It is created at a point when the scope and capabilities of the project are quite well understood, and most of the design work is complete. It accounts for all possible costs, including direct and indirect costs, contingencies, and risk factors, and provides a complete picture of the project's budget and timeline. A comparative estimate compares the cost of the project with similar projects, while a parametric estimate uses statistical data and historical trends to estimate costs. A non-parametric estimate is an estimate that is based on the expert judgment of experienced professionals rather than on any scientific or statistical models. None of these options are the best choice when most of the design work is already complete and the scope is well understood.

Once Most of the Design Work Is Complete,at a Point