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Mid-Term Exam Part II

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Q Question 1 20 / 20 pts Describe phase estimating. When should it be used and how is it different from all other top-down and bottom-up methods of estimating? Question 2 20 / 20 pts Identify and describe the four stages of the Project Life Cycle. Provide an example for each stage. Question 3 20 / 20 pts There are often considerable differences in how projects are managed within certain firms, even if the same project management structure is being used. Explain how and why this phenomenon occurs and what can be done to ensure consistency. Question 4 20 / 20 pts Identify the drawbacks of an excessive level of detail in estimating project times and costs.

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1.Phase estimating can be explained as a very unique estimation method in which first the top to down estimation is completed and later these estimates are further refined after the completion of of each phase of the project. It is different from other top -down and bottom up method because using this unique method helps in getting detailed estimates along with macro estimate. Other methods or process of estimates only focuses on only one of the aspects but it is this unique method which focuses on both the methods.