You are the project manger for Xylophone Phonics. It produces children's software programs that teach basic reading and math ski
lls.? You're performing cost estimates for your project and don't have a lot of details yet. Which of the following techniques should you use?
A. Monte Carlo analysis, because this is a modeling technique that uses simulation to determine estimates
B. Analogous estimating techniques, because this is a form of expert judgment that uses historical information from similar projects
C. Parametric modeling, because this is a form of simulation used to determine estimates
D. Bottom-up estimating techniques, because this is a form of expert judgment that uses historical information from similar projects
Even though the B option, Analogous Estimating, can be used to predict parameters such as cost, scope etc. based on other similar projects done in the past, it is not the best option in our situation because we don't have enough information on the project to give us a detailed estimation. So the technique we should use is given in option A as Monte Carlo Analysis.
Monte Carlo Analysis is especially effective when there are a lot of unknowns or variables in play such as in our case where we don't have a lot of details. It can be used to predict the uncertainties, risks and their impacts on our project.
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