Project Time Estimation

Correct Answer: Analogous estimation

The correct answer is Analogous estimation. This time estimation technique utilizes expert judgment to interpret the historical data from similar projects or tasks in the past and estimate the effort and duration for the current project tasks. It is often favored when there is not enough detailed information available for other forms of estimation. However, the accuracy of this method is entirely dependent on the expert's knowledge and experience. On the other hand, Parametric estimation uses statistical modeling and historical data to calculate cost and time estimates. Still, it doesn't involve any expert judgment which is a stipulation in the original question. Three-point estimation uses three types of estimates; the most optimistic (minimum), most pessimistic (maximum), and the most likely (mode), but it doesn't rely on expert judgment. Delphi technique is a forecasting method involving a panel of experts, who anonymously answer questionnaires in two or more rounds. While it does use expert judgment, it doesn't specifically leverage historical data for task duration and effort estimation as stipulated in the question.

Correct Answer: Add buffer time to the critical path.

In project management, the critical path is the longest sequence of activities in a project plan which must be completed on time for the project to complete on deadline. Delaying tasks on the critical path directly impacts the project completion date. Therefore, the best way to reduce the likelihood of project delays is to add buffer time to the critical path. This buffer time will act as a reserve in case of any unforeseen issues or delays within the critical path activities. The others options, such as adding buffer time to non-critical paths, compressing non-critical paths, or removing resources from critical path tasks do not directly help in reducing potential delays in the project. Adding buffer to non-critical paths or compressing non-critical paths won't impact the project's timeline as these activities do not lie on the critical path. Removing resources from critical path tasks can actually have an adverse effect and increase the likelihood of project delays as these are the tasks that directly impact the project timeline.

Correct Answer: Monte Carlo simulation

The Monte Carlo simulation is the most appropriate technique when managing a project with significant uncertainty and when the impact on time estimation needs to be considered. The Monte Carlo simulation allows you to explore different scenarios and understand the range and probability of potential project outcomes by considering both uncertainty and variability in estimates. The other techniques are not as suitable in this case: Bottom-up pricing, while exhaustive, does not adequately account for uncertainty; Expert judgment, which relies heavily on the knowledge of a subject matter specialist, might be unable to quantify uncertainties; and Analogous estimation, which uses historical data from similar projects, might not account for certain uncertainties in the current project.