Task 1: Knowledge Questions

Explain the advantages and disadvantages of using the following estimation

techniques to determine the duration of tasks and the required resources:
Question 1 ● Analogous estimating
● Bottom-up analysis
● Reserve analysis. (approx. 60 words)
Answer:
Analogous estimating
● Advantages: quickly provide a basic estimate using a minimum amount of parameters.
● Disadvantages: it functions at a basic level, analogous estimating is not as accurate as
other project estimation techniques.
Bottom-up analysis
● Advantages: Bottom-up estimates can be very accurate.
● Disadvantages: The bottom-up estimation process itself requires a lot more resources than
other techniques.
Reserve analysis
● Advantages: A contingency fund is set aside to cover some of the unforeseen costs of a
project.
● Disadvantages: having too much contingency reserve can create an estimate that would
not be competitive.

Explain how you would identify the critical path within a project schedule.
Question 2
(approx. 50 words)
Answer:
● Break down the work.
● Arrange tasks by prerequisites.
● Estimate task duration.
● Find the longest path.

Question 3 What are the primary reference points for setting a project baseline?
Answer:
Project Baseline: A project baseline is an initial snapshot of your schedule when you first save your
project information to track progress and compare your updates.
Reference points:
● Project Schedule (Contingency)
● Project Budget Actuals
● Scope Baseline
● Project’s current status vs scope baseline