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A senior manager asks a project manager for an estimated budget on a new project. Which of the following is the BEST step for the project manager to take?
A.
Tell the senior manager the estimation is not available yet.
B.
Use the budget from a similar project to generate estimates.
C.
Ask a SME for an opinion and propose an estimate.
D.
Gather the team to immediately generate estimates.
I'm not exactly following how this is the BEST answer, for example, using a SME will get the most accurate estimate, taking a similar project gives the least accurate estimate. What criteria makes you choose B?
Taken from pg 149 in my copy of Heldman (which doesn't line up with what is reported as reference, ever):
"Analogous estimating will likely be the best technique to use at the early stage of the project because you’ll have very little detail to go on."
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