Explain your approach to estimating the project cost

Assignment Help Operation Management
Reference no: EM13740866

A project plan cannot be considered complete until the resources have been assigned (including budget and cost estimate). This week, you will assign the resources required to work on your project to your scheduled tasks. In addition, you will add the cost of the resources per hour and any direct or indirect cost required for project contracts, materials, or supplies.

You will submit a two-part summary report (business professional format) of your project budget and resources, which includes the following:

Part 1: Project Budget (Cost Management)

  • Explain your approach to estimating the project cost (e.g., top down, bottom up, etc.) and why that method was chosen.
  • Create a table that shows the original budgeted cost (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on.
  • Compare the budget from the charter to the final budget and explain any variances that occurred from your original budgeted cost in the project charter and the current project cost (include your original estimated cost for the project).
  • Explain your budget contingency plan and how much is budgeted for contingency.

Part 2: Resource Management

  • Explain the results of your resource assignments. Did you assign enough people to the project? Were there any resources over-allocated? What approach will you take to fix any allocation problems?
  • Develop a plan to manage your project team and define how you will motivate your team and how you will handle team conflicts.
  • What structure would you select for your project: functional, weak matrix, balanced matrix, strong matrix, or pure project? Why?

Deliverables for Week 6:

MS project file (.mpp) updated with resource assignments and cost

MS Word file with report of project budget and resource management

Reference no: EM13740866

Previous Q& A

  Who directed the film the contemporary society

Who directed the film the contemporary society. when was it made, and what is the central theme? In what ways are the visual conventions of film editing analogous to punctuation in writing?

  What is the maximum amount you could consume in the future

Suppose a bank will pay you a 10% interest rate on your deposits for 1 period. In this case you must sacrifice $10 of current consumption to finance. One thousand dollars given to you a year from now is worth __________ to you today if the relevant d..

  What are the firm average and marginal tax rates

Meyer Inc. has taxable income (Earnings before taxes) of $300,000. Calculate Meyer's federal income tax liability using the tax table. What are the firm's average and marginal tax rates?

  Discussion about unions

There has been a lot of discussion about unions and whether they are beneficial or not. Do you believe unions still add value to the workplace? Why, or why not? Would you rather work for a unionized or non-unionized employer? Why, or why not?

  What qualities make a future issue a trigger

Due to the changing environment and external triggers, contingency planning is necessary. What qualities make a future issue a “trigger”? Consider you are on the strategic planning team for a soft drink company. Here is your company’s future trigger:..

  Through the use of strategic alternatives

Through the use of strategic alternatives, companies may compete in a marketplace, achieve its vision, or if no vision has been articulated, decide where it might go and what it might achieve. Strategic alternatives do not consist solely of strategie..

  Understanding of the organizations and job opportunities

Create a list of 10 organizations and their Web sites that fit within your target job market - find your three targeted companies on this Web site, and identify a person within each company whom you could reach out to that will strengthen your netw..

  Five leader decision styles

There are five levels of subordinate participation in decision making ranging from highly autocratic (leader decides alone) to highly democratic (leader delegates to group):

  Identify the steps in interpreting a regression model

Identify the steps in interpreting a regression model. Interpret the following data: Y = 5.0 + .30X1 where the dependent variable equals turnover intentions for line managers and the independent variable equals the number of employees supervised

  What is his message to america of martin luther king jr

Write a review of Martin Luther King Jr.'s Why We Can't Wait. What is his message to America? What does this text tell us about the civil rights movement?


Write a Review


Similar Q& A

  Discuss difference between authentication and authorization

discussis the difference between authentication and authorization? can a system permit authentication without authentication?why or why not ?

  Illustrate what is the break-even point

Illustrate what is the break-even point. Explain how many units must be sold to make a profit of $6000.00. Explain how many units must be sold to average $25 profit per unit? $50 profit per unit? $150 profit per unit.

  Develop a list of some possible entities and attributes

Develop a list of some possible entities and attributes located in chill's restaurant database.

  Explain how should she adopt a more collaborative approach

Jane needs to try a more collaborative approach to working with suppliers. Will her approach work. Explain how should she adopt a more collaborative approach in future negotiations with suppliers.

  What is a marketing problem in applications of linear

What is a marketing problem in applications of linear programming? Briefly discuss the objective function and constraint requirements in a marketing problem. Give a real world example of a marketing problem.

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  What order quantity would you use

What order quantity would you use if the objective is to minimize total annual costs of holding, purchasing, and ordering? Assume ordering cost is $80/order.

  How many t-shirts should she produce for the upcoming event

What is the service leven when optimal decision has been made?

  Elucidate what is the probability of normal distribution

Elucidate what is the probability which a random number from the triangular distribution is less than 400. Elucidate what is this probability for the normal distribution.

  What are business processes

What are business processes? How are they related to information systems?

  Explain what happens after running mrp

Explain what happens after running MRP. From a system/process perspective, what is still required in order to produce finished goods?

  How many labor hours should simpson plan for

he found that the first unit took 2,000 labor hours, the second took 1,800 labor hours, and the third took 1692 hours. In a contract for 3 more units, how many labor hours should Simpson Plan for?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd