Question

Compare Agile and P+D approaches to cost estimation and risk reduction?

1) Agile approach is more effective than P+D approach in cost estimation and risk reduction.
2) P+D approach is more effective than Agile approach in cost estimation and risk reduction.
3) Both Agile and P+D approaches are equally effective in cost estimation and risk reduction.
4) The effectiveness of Agile and P+D approaches in cost estimation and risk reduction depends on the specific project.

Answer 1

The effectiveness of Agile and P+D approaches in cost estimation and risk reduction depends on the specific project.

Step-by-step explanation:

The effectiveness of Agile and P+D approaches in cost estimation and risk reduction depends on the specific project.

Agile approach:

Agile is a project management methodology that focuses on iterative and incremental development. It emphasizes flexibility and collaboration, allowing for changes in requirements as the project progresses. In terms of cost estimation, Agile uses techniques such as relative estimation and story points to estimate the effort required for each feature or user story. Risk reduction in Agile is achieved through regular iterations, where feedback is received early and frequently, allowing potential risks to be identified and addressed promptly.

P+D approach:

The Plan-Driven (P+D) approach, on the other hand, follows a sequential and detailed plan for the entire project. Cost estimation in the P+D approach involves creating a comprehensive project plan and estimating the effort required for each phase or task. Risk reduction in the P+D approach is achieved through careful planning, risk analysis, and mitigation strategies.