Analogous Estimating

Correct Answer: More than $3000, as the new system's added features would carry additional costs.

Analogous estimating is a technique for estimating costs based on historical data from similar projects. In this situation, the new project is similar but has added features. This means it would likely cost more than the previous project, hence the answer 'More than $3000, as the new system's added features would carry additional costs' is likely the most accurate. The answer 'Exactly $3000, because it is the same as the previous project' is erroneous because the new project is not the same; it has added features and would likely be more expensive. The answer 'Less than $3000, because the team has more experience now' is irrelevant in this case because while experience can potentially increase efficiency and lower costs, the fact remains that new features are being added, meaning more work and resources going into the project. The answer 'Impossible to estimate without more specifics' is also not necessarily correct because, while more specifics could help make a more accurate estimate, we can make a reasonable estimate based on the information provided using the analogous estimation technique.

Correct Answer: The degree of similarity in technology stack and project complexity

When using Analogous Estimating, the degree of similarity in technology stack and project complexity is the most critical factor because: The accuracy of analogous estimation relies heavily on how closely the reference project matches the current project in terms of fundamental characteristics. The technology stack and complexity level are key determinants that affect project execution, resource requirements, and overall effort. Other options are less suitable because: Recency and team structure, while important, are secondary factors. A project from several years ago with very similar characteristics would provide better estimates than a recent project with different complexity levels. Detailed documentation, while valuable, does not guarantee the project's relevance for comparison purposes if the underlying project characteristics are substantially different. Market conditions and economic factors, while affecting overall costs, have less impact on the technical estimation aspects compared to the actual project characteristics and complexity.

Correct Answer: Consider both project durations and adjust based on specifics of your project

In Analogous Estimating, the estimates are derived from the values of parameters from previous similar projects. So, you would consider the duration of both Project A and Project B, not just one or the other. However, this is more of a starting point than a final estimate. You have to adjust these historical durations based on any differences between those projects and the new project. For instance, if the new project is larger in scope than Project A or B, then you would adjust your estimate upwards. Conversely, if the new project is smaller or simpler, you would adjust downwards. So, 'Consider both project durations and adjust based on specifics of your project' is the correct response. The other answers - 'Assume the same duration as Project A', 'Assume the same duration as Project B', and 'Add both durations and use the total as an estimate' - are not as comprehensive, as they do not account for the specific characteristics of the new project.