Reference no: EM134044484

Question

Josh and Mike met each other as roommates during freshman year at MacAlister College in St. Paul, Minnesota. Despite a rocky start they became best friends. They are planning on going on a two-week adventure together to celebrate their graduation in June. Josh has never been to Europe and wants to visit France or Spain. Mike spent a semester abroad in Aarhus, Denmark, and traveled extensively in northern Europe. Even though he never went to France or Spain, Mike wants to go to someplace more exotic like South Africa or Vietnam. For the past week they have been arguing back and forth over where they should go. Josh argues that it will cost too much to fly to South Africa or Vietnam, while Mike counters that it will be much cheaper to travel in Vietnam or South Africa once they are there. Each of them agreed that they can spend no more than $3,500 each on the trip and could be gone for only two weeks. One evening when they were arguing with each other over beers with friends, Sara said, "Why don't you use what you learned in your project management class Chapter 5 Estimating Project Times and Costs 157 to decide what to do?" Josh and Mike looked at each other and agreed that made perfect sense.

1. Assume you are either Mike or Josh; how would you go about making a decision using project management methodology?

2. Looking first at only cost, what decision would you make?

3. After cost, what other factors should be considered before making a decision?