Estimating Work Packages with Uncertainty

What approach is Rob using to estimate a work package with uncertainty?

A. Range estimating

B. Parametric estimating

Answer:

A. Range estimating

Rob is responsible for estimating a work package that has a significant amount of uncertainty associated with the time and cost to complete. In this scenario, Rob will be making a low, an average, and a high estimate. The approach Rob is using is called range estimating.

Range estimating is an estimation approach that allows an interested person to have much relevant information about the nature of a task being set. Through this estimate, it is possible to have more confidence or more uncertainty in a project that is being stipulated, which may result in a large profit or a great loss.