6. Lifecycle and Management
Cost And Resource Estimation — Quiz
Test your understanding of cost and resource estimation with 5 practice questions.
Practice Questions
Question 1
In a systems engineering project, when is a bottom-up estimation technique generally preferred over a parametric estimation technique, and what is its primary advantage in that context?
Question 2
A systems engineering project involves developing a new flight control system. The project manager needs to estimate the cost of the software development. They have historical data on similar software projects, including lines of code (LOC) and development effort. Which of the following Cost Estimating Relationships (CERs) would be most appropriate to use for this scenario?
Question 3
Consider a systems engineering project with an estimated total cost of $10,000,000$. The project manager has identified several high-risk areas, necessitating a management reserve of $10\%$ and a contingency reserve of $15\%$ of the estimated cost. What is the total funding required for this project?
Question 4
In a systems engineering project, what is the primary distinction between a contingency reserve and a management reserve in terms of their purpose and control?
Question 5
A systems engineering project is in its early conceptual phase, and the team needs to provide a rough order of magnitude (ROM) estimate. They have identified a similar past project that cost $5,000,000$ five years ago. If the inflation rate has been $3\%$ annually, what would be the estimated cost of the new project using analogous estimation with inflation adjustment?