You’re in the Initiation phase of your project and believe the project can be completed for $100,000. However, you are an experienced project manager and know that many things can happen between the Initiation phase and the closure of the project. You have provided an estimate in the project charter of $50,000 to $150,000. This is an example of:
A. Parametric Estimating
B. Analogous Estimating
C. ROM Estimating
D. Top Up Estimating
C: A Rough Order of Magnitude (ROM) estimate is given at the beginning of the project, and is often expected to be +/- 50% of the final cost.