Market conditions and published commercial information are examples of which input to the Estimate Costs process?
- Scope baseline
- Organizational process assets
- Enterprise environmental factors
- Risk register
Answer(s): C
Explanation:
7.2.1.6 Enterprise Environmental Factors
Described in Section 2.1.5. The enterprise environmental factors that influence the Estimate Costs process include, but are not limited to:
Market conditions. These conditions describe what products, services, and results are available in the market, from whom, and under what terms and conditions. Regional and/or global supply and demand conditions greatly influence resource costs.
Published commercial information. Resource cost rate information is often available from commercial databases that track skills and human resource costs, and provide standard costs for material and equipment.
Published seller price lists are another source of information.
Process: 7.2 Estimate Costs
Definition: The process of developing an approximation of the monetary resources needed to complete project activities.
Key Benefit: The key benefit of this process is that it determines the amount of cost required to complete project work.
Inputs
1. Cost management plan
2. Human resource management plan
3. Scope baseline
4. Project schedule
5. Risk register
6. Enterprise environmental factors
7. Organizational process assets
Tools & Techniques
1. Expert judgment
2. Analogous estimating
3. Parametric estimating
4. Bottom-up estimating
5. Three-point estimating
6. Reserve analysis
7. Cost of quality
8. Project management software
9. Vendor bid analysis
10. Group decision-making techniques
Outputs
1. Activity cost estimates
2. Basis of estimates
3. Project documents updates