PMP Estimating Techniques
Part of the PMP Certification All-In-One For Dummies Cheat Sheet
Estimating techniques can be applied to resources, effort, duration, and costs. The following are different methods of estimating you can use, depending on the situation.
| Estimating method | Description |
|---|---|
| Analogous estimating | Generally used at the start of the project when not much is known. Compares the current project to past similar projects. A quick and relatively easy method of estimating, though not terribly accurate. |
| Parametric estimating | Used for estimates that are quantitatively based, such as dollars per square foot or number of installations per day. A relatively simple method, but not every activity or cost can be estimated quantitatively. |
| Three-point estimating | Accounts for uncertainty associated with estimating by
determining an optimistic (best case, represented by O), most
likely (represented by M) and pessimistic (worst case, represented
by P) scenario. The most likely estimate is weighted most heavily.
The equation is: (O+4M+P)/6 |
| Bottom up estimating | Used when there is significant detail about the activity. A detailed assessment of the resources, capabilities, and amounts are used to determine an accurate duration or cost estimate. This is the most accurate method, but also the most time-consuming and expensive form of estimating. |
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Careers GlossaryA variation of the hybrid resume that includes qualifications and accomplishments.
Careers GlossaryA document signed into law that makes it illegal for an employer to discriminate against (or refuse to hire) a person simply because that person has one or more disabilities.
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Careers GlossaryA type of job interview in which candidates are asked what kinds of behaviors they have used in the past to handle certain situations and solve problems.
Careers GlossaryA Web-based journal that is written and updated by one or more blog writers, or bloggers. Today's more sophisticated versions read like media stories and columns.
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Careers GlossaryA resume style that focuses on the skills and talents needed to be able to perform a particular task to a certain standard. Connects your behaviors with your accomplishments.
Careers GlossaryA starting resume that you use as a base or template to spin off targeted versions of your resume (for specific positions) when you must move quickly.
Careers GlossaryA self-marketing document designed to sell yourself and get an interview for a specific job; typically accompanies a resume.
Careers GlossaryReports that contain your payment history to creditors. These reports may also include names of previous employers, residential stability data, divorce information, and estimated prior earnings.
Careers GlossaryA type of job interview in which the interviewer maintains complete control and walks you through the discussion to uncover what he or she wants to know.
Careers GlossaryEqual Employment Opportunity Commission. The EEOC is a U.S. federal agency that investigates discrimination complaints.
Careers GlossaryElectronic form. An online form, such as a job application form typically found on company Web sites. You enter data within fields of the form.
Careers GlossaryAn e-mail message that introduces a resume that you distribute online. Typically, a shortened and more informal version of a cover letter.
Careers GlossaryElectronic resumes. Resumes that you distribute online.
Careers GlossaryA complete character set comprised of a single size and typeface, such as 12-point Helvetica.
Careers GlossaryThe height of the characters in a font set, measured in points, such as 10-point or 14-point. One point is equal to 1/72 of an inch.
Careers GlossaryA skills language used in cover letters to communicate your expertise in fundamental job skills — includes basic skills, people skills, thinking skills, and personal qualities.
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Careers GlossaryA resume format that is a combination of the reverse chronological resume format and the functional resume format.
Careers GlossaryA real-time form of communication between two or more people online, who type messages back and forth in a window. Job seekers can attach resumes to messages.
Careers GlossaryA test administered by a potential employer during the interviewing process that rates honesty, responsibility, and reliability for the job.
Careers GlossaryWork samples that you submit to a potential employer during the job interview process, such as portfolios, project materials, and proposals.
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Careers GlossaryA letter that is written in reaction to a published job opening in print or online.
Careers GlossaryA Web site that posts general or specialized job listings, such as CareerBuilder.com and Monster.com.
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Careers GlossaryA resume format that flows one line at a time and relates achievements, winning moves, and star points in short, quick spurts; designed to attract the eyes of busy readers.
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Careers GlossaryAn electronic resume that you place on a disc; generally sent by postal mail. This resume format is not in common use today.
Careers GlossaryA type of job interview where the interviewer's questions tend to be broad and general so that you can elaborate and tell stories about yourself and your qualifications.
Careers GlossaryOffice of Federal Contract Compliance Programs. The OFCCP is an agency that tracks the diversity hiring record of those applying for positions with federal contractors.
Careers GlossaryA short profile (about 200 words or less) that is placed on social networking sites and job boards to advance employment or business objectives. Includes keywords and a link to a full resume.
Careers GlossaryA lengthy multi-link document that appears on Internet networking and career sites such as LinkedIn.com and VisualCV.com.
Careers GlossaryAn e-mail job distribution method paid for by employers. This service helps you identify which of your contacts may know people at companies where you would like to work.
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Careers GlossaryA test administered by a potential employer during the interviewing process that measures choice, preference, values, behavior, decisions, attitudes, and job-related interests.
Careers GlossaryA digital audio or video file that is available for downloading from a Web site. Usually available in a series that is often packaged like a daily newscast or commentary.
Careers GlossaryThe process of creating and distributing audio and video feeds over the Internet. To make a podcast, you need a computer, microphone, Internet access, and recording software.
Careers GlossaryA collection of work samples often delivered as part of the job interview process for those in fields such as design, graphics, photography, architecture, advertising, public relations, marketing, education, and contracting.
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Careers GlossarySelf-marketing letters that a job seeker sends to a relatively small and select number of potential employers. These letters are designed to uncover an opportunity in the hidden (unadvertised) job market.
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Careers GlossaryAn online service you subscribe to that sends immediate content updates (such as job postings that match a selected criteria) from selected Web sites to your computer or handheld device. RSS stands for Really Simple Syndication.
Careers GlossaryAn employee (typically an administrative assistant or HR specialist) who monitors phone calls for a company when you call their main telephone line.
Careers GlossaryA first-cut job interview that is used to weed out all applicants except those who are best qualified for the position.
Careers GlossaryA job interview in which you meet with a supervisor, department head, or another person who has the authority to hire you.
Careers GlossaryAn acronym for Search Engine Optimization. SEO is a method of using technical and strategic maneuvers to increase the traffic driven by search engines to a Web site.
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Careers GlossaryWeb-based services — including discussion groups, message boards, e-mail, and blogs — that give users a way to find and interact with people who have similar interests. Some of this interactivity focuses on job search and recruiting.
Careers GlossaryAutomated programs (software) used by specialized search engines to scrape (crawl) the Web to find and haul in content, such as job postings. Also called robots or just 'bots.
Careers GlossaryA type of job interview in which the interviewer intentionally uses various intimidation tactics to attempt to put pressure on you.
Careers GlossaryA resume that is customized for a specific employment goal or position in a job search.
Careers GlossaryA specific family of fonts in a similar design style (including multiple sizes of that font), such as Arial or Times New Roman.
Careers GlossaryOnline search engines that search only for job listings, across multiple job sites at once. Examples include SimplyHired.com and Jobster.com. Also called verticals or aggregators.
Careers GlossaryA canned video interview in which a candidate speaks about his or her qualifications, goals, and strengths; sometimes called a video podcast.
Careers GlossaryA faint image ingrained in quality-stock paper. Resumes are commonly printed on paper stock that includes a watermark.
Careers GlossaryThe second generation of Web design that uses sites in which people communicate and share information. Web 2.0 tools include blogs, instant messaging, podcasts, RSS feeds, and social networking services.
Careers GlossaryAn electronic resume that you post on a personal Web site; also sometimes called an e-portfolio or HTML resume.
