adplus-dvertising
frame-decoration

Question

What is the recommended approach for cost estimation in a situation where there is uncertainty regarding resources?

a.

Using past experience

b.

Using a formalized cost estimation model

c.

Using expert estimates

d.

Using sensitivity analyses

Answer: (d).Using sensitivity analyses Explanation:In a situation where there is uncertainty regarding resources, the recommended approach for cost estimation is to use either some cost estimation model or expert estimates, and perform sensitivity analyses. Since there is uncertainty as regards resources, there is a need for sensitivity analyses in order to gain insight into such questions as: What will happen to the total cost and development time if we allocate three designers of level A rather than four designers of level B? This will help project managers to gain insight to, and increase their feeling for, possible solution strategies.

Engage with the Community - Add Your Comment

Confused About the Answer? Ask for Details Here.

Know the Explanation? Add it Here.

Q. What is the recommended approach for cost estimation in a situation where there is uncertainty regarding resources?

Similar Questions

Discover Related MCQs

Q. How can one manage a project where the requirements are fixed and stable, but there is uncertainty in the process and resources?

Q. What is the main problem when there is uncertainty in the resources?

Q. What is the coordination mechanism for type of project where the product certainty, process certainty and resource certainty are all low?

Q. What is the main goal in making this type of project manageable where the product certainty, process certainty and resource certainty are all low?

Q. What is the appropriate process model for type of project where the product certainty, process certainty and resource certainty are all low?

Q. Is it feasible to use formalized cost estimation models for type of project where the product certainty, process certainty and resource certainty are all low?

Q. How can cost estimates be used for type of project where the product certainty, process certainty and resource certainty are all low?

Q. What is the recommended approach for coordinating work at the macro level in big projects?

Q. Is it recommended to use the same control mechanisms at the macro and micro level in big projects?

Q. What are the consequences of neglecting project-specific characteristics during the planning stage of a software development project?

Q. What is the goal of tailoring the project's management to the situation at hand?

Q. What is the control situation that involves the most uncertainty?

Q. What is the main focus of the risk management in software development?

Q. What is a common attitude towards risks in software development?

Q. What is the recommended approach for dealing with risks in a software project?

Q. What is the difference between a risk and a problem?

Q. What is the importance of identifying risks early on in a software development project?

Q. How can unstable, immature, unrealistic, or excessive requirements be dealt with as a risk in a software development project?

Q. What is a common way to deal with communication problems when a project involves more than one development site?

Q. What are the three general strategies to mitigate risks?