Expert Judgement
Expert judgement is another commonly used technique in project estimation. This technique relies on input from knowledge area experts, whether it's industry experts, stakeholders, or the project team. These experts help to estimate resources, costs, duration etc. based on their experience from previous projects. This method can be remarkably accurate, especially when experts have substantial experience with similar projects. However, it is also influenced heavily by the quality of the expert input and can oftentimes be subject to biases.
Guide for Expert Judgement in CAPM Estimation Techniques
Expert judgement, in the context of Capital Asset Pricing Model (CAPM) estimation techniques, is a significant approach in making crucial project decisions.
Why is it important?
Expert judgement is vital as it provides valuable insights that can contribute to more accurate project estimations and outcomes. It utilizes the knowledge of seasoned professionals to make well-informed decisions and predictions about the project's aspects.
What is Expert Judgement?
It is the method of soliciting inputs, advice, and estimations from subject matter experts for critical project elements, usually involving aspects such as costs, timeframes, or potential risks.
How it Works?
Experts with a profound understanding of the project area provide their insights or estimations based on their expertize and experience. These inputs are then analyzed, often combined with other techniques, to make final decisions.
How to Answer Questions on Expert Judgement in an Exam?
Understand the core concept of expert judgement, its role, and its importance in project estimation. Know how to properly interpret and apply expert advice in theoretical scenarios.
Exam Tips: Answering Questions on Expert Judgement
- Clearly define what Expert Judgement is and explain its role in the context of the question.
- Use relevant case studies or examples to support your points.
- Highlight the value of Expert Judgement in improving forecasting accuracy.
- Show how Expert Judgement can be combined with other methods to make comprehensive decisions.
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