Resource Estimation

Correct Answer: It provides a range of possible resource estimates.

Three-point estimation is a statistical method used in project management to estimate the likely potential outcomes of a future event. It benefits from providing a range of possible resource estimates which includes the best case, the worst case, and the most probable cases. This is particularly useful in situations with high uncertainty, as it helps to plan for a realistic scenario. Option 'It provides the exact number of resources required' is incorrect because three-point estimation offers a range of possible estimates, not an exact number. Option 'It allows estimation without breaking the project down into smaller tasks' is incorrect because although three-point estimation can be used to create broad estimates, breaking down a project into smaller tasks usually increases the accuracy of the estimates. Finally, option 'It utilizes historical data exclusively' is incorrect as while historical data can be utilised for three-point estimation, this technique is not exclusively based on historical data. It uses pessimistic, optimistic, and most likely estimates to create a range.

Correct Answer: Rolling Wave Planning

Rolling Wave Planning is the most appropriate resource estimation technique for this complex, multi-phase pharmaceutical drug development project.

Rolling Wave Planning is ideal for projects with high uncertainty and multiple phases, such as drug development. This technique allows for detailed planning of near-term activities while keeping future phases at a higher level. As the project progresses, more detailed plans are developed for upcoming phases.

This approach is particularly suitable because:
1. Drug development involves multiple phases (e.g., research, preclinical, clinical trials, regulatory approval) with varying resource requirements.
2. Each phase's success influences subsequent phases, making long-term detailed planning challenging.
3. It allows for adjustments based on new information or results from earlier phases.

Other techniques are less suitable:

Analogous Estimation may not account for unique aspects of this specific drug development project.

Parametric Estimation might not capture the complexity and variability inherent in pharmaceutical research.

Top-down Estimation could lead to inaccurate resource allocation due to the project's multi-phase nature and potential for significant changes between phases.

Correct Answer: Parametric estimation

Parametric Estimation is the correct answer because it uses statistical relationship for estimation and it involves using the relationship between variables to calculate the cost or duration. Analogous Estimation is incorrect because it involves using the values of parameters from previous similar projects for estimating the same parameter or measure for a future project. Bottom-Up Estimation is incorrect because it involves estimating the cost or duration by estimating the smallest pieces of work and then adding them together. Three-point Estimation is incorrect because it involves estimating the optimistic, pessimistic, and most likely cost or duration scenarios in order to calculate the most suitable estimate.