You are managing a construction project that is currently being initiated. You met with the sponsors and several important stakeholders, and have started to work on the preliminary scope statement. You’ve documented several key assumptions that have been made, and identified project constraints and initial risks. Before you can finish the preliminary scope statement, you must make a rough order of magnitude estimate of both time and cost, so that the sponsor can allocate the final budget. What’s the range of a rough order of magnitude (ROM) estimate? A. (-10%) to +10% B. (-50%) to +100% C. (-50%) to +50% D. (-100%) to +200%
You are managing a construction project that is currently being initiated. You met with the sponsors and several important stakeholders, and have started to work on the preliminary scope statement. You’ve documented several key assumptions that have been made, and identified project constraints and initial risks. Before you can finish the preliminary scope statement, you must make a rough order of magnitude estimate of both time and cost, so that the sponsor can allocate the final budget. What’s the range of a rough order of magnitude (ROM) estimate? A. (-10%) to +10% B. (-50%) to +100% C. (-50%) to +50% D. (-100%) to +200%
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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You are managing a construction project that is currently being initiated. You
met with the sponsors and several important stakeholders, and have started
to work on the preliminary scope statement. You’ve documented several key
assumptions that have been made, and identified project constraints and
initial risks. Before you can finish the preliminary scope statement, you must
make a rough order of magnitude estimate of both time and cost, so that the
sponsor can allocate the final budget. What’s the range of a rough order of
magnitude (ROM) estimate?
A. (-10%) to +10%
B. (-50%) to +100%
C. (-50%) to +50%
D. (-100%) to +200%
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