Question

1) Planning Horizon- The quality of estimate?

1) is the time period over which the project manager can make reliable estimates.
2) is the time period over which the project manager can make unreliable estimates.
3) is the time period over which the project manager cannot make any estimates.
4) is the time period over which the project manager can make estimates with 100% accuracy.

Answer 1

The planning horizon is the time period over which a project manager can make reliable estimates based on prior experience and sound reasoning.

Step-by-step explanation:

The planning horizon refers to the time period over which a project manager can make reliable estimates. It is the period where the project manager can use prior experience and sound reasoning to arrive at a rough idea of a quantity's value, based on a good guess about the relevant variables.

For example, if a project manager is estimating the time it will take to complete a construction project, they would consider factors such as the size of the project, the availability of resources, and the complexity of the tasks involved. Based on their past experience and knowledge of similar projects, they can make reliable estimates for the planning horizon.

It is important to note that estimates made during the planning horizon are not 100% accurate, but they provide a reasonable approximation that can be used for decision-making purposes.