Deprecated: Function set_magic_quotes_runtime() is deprecated in /home/projectm/public_html/qa-include/qa-base.php on line 42

Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/projectm/public_html/qa-include/qa-db.php on line 42

Warning: session_start(): Cannot send session cookie - headers already sent by (output started at /home/projectm/public_html/qa-include/qa-base.php:42) in /home/projectm/public_html/qa-include/qa-app-users.php on line 216

Warning: session_start(): Cannot send session cache limiter - headers already sent (output started at /home/projectm/public_html/qa-include/qa-base.php:42) in /home/projectm/public_html/qa-include/qa-app-users.php on line 216

Warning: Cannot modify header information - headers already sent by (output started at /home/projectm/public_html/qa-include/qa-base.php:42) in /home/projectm/public_html/qa-include/qa-index.php on line 475
Order of magnitude estimate in the PMP - Project Management Questions
Welcome to Project Management Questions!

You can ask any question on Project Management and you can rest assured that real Project Managers will answer your shortly!

Order of magnitude estimate in the PMP

0
votes
Can someone explain to me what is the order of magnitude estimate? This is a PMP term and I'm having my test in a few days and I don't understand what it is.

I know it's related to project estimation but again, I just don't know what it is.

Any help is appreciated!
asked 4 years ago by anonymous

1 Answer

0
votes
First, it's called "rough order of magnitude estimate" (there's the word rough at the beginning). In any case, a rough order of magnitude estimate (ROM Estimate) is a ballpark time/cost estimate that is used at the beginning of the project by the project manager to satisfy the following stakeholders' questions:

- How much will it cost?
- How much time will it take?

A ROM Estimate has a range of -50% to +50%. For example, if a ROM Estimate states that the project will cost $100,000, then it might cost anything between $50,000 to $150,000.
answered 4 years ago by MaplePM (46,940 points)

Related questions

© 2010 - 2012 Project Management Questions - All Rights Reserved