Guide to Resource Estimation
What is Resource Estimation:
Resource estimation is a critical aspect of a project management process. It involves estimating the cost, manpower, and materials required for completing a particular task or project.
Why is it important:
Proper Resource estimation helps in accurately defining the project plan and schedule. It also enables efficient budget management and ensures the project is significantly less likely to run over budget.
How it works:
Resource estimation works in three phases: Identifying the resources required, Estimating the quantity of resources, and Estimating the cost of resources. Effective resource estimation also considers unpredictable factors such as risk and uncertainty.
Exam Tips: Answering Questions on Resource Estimation:
1. Understand the concepts well: Make sure you understand what resource estimation is and how it is done.
2. Practice with real-world examples: Try to apply the concepts you've learned to real-world situations.
3. Read the question carefully: Make sure you understand exactly what is being asked before you provide your answer. Keep your answers clear and concise.
4. Refer to the PMBOK Guide: The PMBOK Guide is an excellent resource for studying resource estimation as it provides comprehensive coverage of the topic.
5. Practice, Practice, Practice: The more you practice answering resource estimation questions, the more comfortable you will become with the topic.
Go Premium
Certified Associate in Project Management Preparation Package (2024)
- Earn 15 PDUs needed for your CAPM certification
- 6432 Superior-grade Certified Associate in Project Management practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless CAPM preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- bonus: If you upgrade now you get upgraded access to all courses
Resource Estimation practice test
Resource Estimation is the second step of project resource planning. This involves estimating the quantity and type of resources needed to meet the project’s objectives. A project manager must strategically analyze, identify, and estimate how many resources are needed and their availability, taking into account their skills, experience level, and the length of time required for their tasks. The resources might be external or internal, depending on the availability and nature of the project. Accurate estimation prevents under or over-utilization of resources and helps in maintaining the budget.
Time: 5 minutes Questions: 5
Practice more Resource Estimation questions
Go Premium
Certified Associate in Project Management Preparation Package (2024)
- Earn 15 PDUs needed for your CAPM certification
- 6432 Superior-grade Certified Associate in Project Management practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless CAPM preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- bonus: If you upgrade now you get upgraded access to all courses