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Learn more from the full courseCertified Associate in Project Management (CAPM)
Certified Associate in Project Management Exam Preparatory Course
06:46:43 of on-demand video • Updated May 2018
- The primary objective of this course is to prepare the students to be able to clear the CAPM exam.
- .The course is designed in such a way that it covers each and every topic of the exam in detail and tests the knowledge of the students through interactive real-world scenarios.
English [Auto] When we talk about estimating and we talked about it earlier than was said that we never want to give a single number we always want to give a range when we get cost. We start talking about some specific numbers. The first is something called the ROM estimate or rough order of magnitude a raw estimate is typically done very early on in a project lifecycle. It's plus or minus 50 percent. So a 100 percent variance if you look at that overall number that is a huge range. Eventually we get enough information that we can produce what's called a budget estimate or simply the budget. The budget is plus or minus 10 percent. Notice that we have just as much emphasis on coming in under as we do being over IP it's just as bad to sandbag and have wild overestimation as it is to be way under both of those situations can create big town problems for your team.