Micah is a fairly new project manager.He estimated for a project plan (on the planning phase)that the project would cost $50,000 and take 20 weeks.According to the margin of error guidelines for well-done estimates,that could range from:
A)$0 and $100,000 - and between 15 and 25 weeks
B)$10,000 and $60,000 - and between 12 and 28 weeks
C)$0 and $100,000 - and between 0 and 40 weeks
D)$5,000 and $100,000 - and between 10 and 30 weeks
E)$25,000 and $75,000 - and between 10 and 30 weeks

Question

Quizplus · Accepted Answer

EA well-done estimate, especially in the planning phase of a project, typically allows for a significant margin of error due to the many uncertainties involved. Choice A ($0 and $100,000 - and between 15 and 25 weeks) and Choice E ($25,000 and $75,000 - and between 10 and 30 weeks) both reflect a realistic understanding of the potential variability in project costs and timelines. Choice A represents a very wide range of cost and a moderate range of time, acknowledging the high level of uncertainty in early project estimates. Choice E offers a narrower, yet still substantial, range of cost and a wider range of time, which also aligns with the understanding that early estimates may need to accommodate significant adjustments as more information becomes available.

Micah Is a Fairly New Project Manager