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Your boss has asked you for a cost baseline for the project, but it is early in the project management process and there is very little project information. In these circumstances, what is the BEST way to estimate this project?
a) Extrapolate from historical data
b) Ask the team for estimates of each activity
c) Provide a rough order of magnitude estimate
d) Calculate an estimate using a schedule modelThe correct answer is C.
Choice A could be done, but historical information is not enough. Choices B and D are not correct because you are still in project initiating. You have not yet identified activities, nor do you have a schedule model. It is best to provide estimates based on an understanding of this project, so the best answer is choice C.
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