Thinking Holistically, Suppose a Never-Before-Done Project Is Being Estimated in Which

question 9

Essay

Thinking holistically, suppose a never-before-done project is being estimated in which there is unstable scope. There is high uncertainty in the duration and cost of each work package. What impact will this have on the project schedule and budget? A bottom-up detailed estimate of total project duration, project schedule, project budget and cost is needed immediately prior to execution of the project. What method will you use, assuming a rough-cut top-down estimate of duration and cost already has been determined (perhaps months, years ago) for the entire project?

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Definitions:

Theorem

A statement that has been proven on the basis of previously established statements, such as other theorems, and generally accepted principles, like axioms.

Directional Test

Another term for a one-tailed test, emphasizing the test's focus on detecting an effect in a specific direction, either positive or negative.

One-Tailed Test

A hypothesis test in which the region of rejection is on only one side of the sampling distribution, used when the alternative hypothesis specifies the direction of the effect.

Two-Tailed Test

A statistical test used to determine if there is a significant difference in two directions, either greater than or less than a specified range or value.