Using the same project described in questions 2 and 3, which method(s) of estimating cost would you

Question:

Using the same project described in questions 2 and 3, which method(s) of estimating cost would you use to establish a baseline budget? Why?

Question 3

Using the same project described in question 2, what are a few examples of milestones at which you might measure cost control?

Question 2

You are the project manager in charge of the construction of a new school building. Give one possible example each of a known known, known unknown, and unknown unknown you might encounter.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Project Management

ISBN: 9780357715734

5th Edition

Authors: Timothy Kloppenborg, Vittal S. Anantatmula, Kathryn Wells

See More Books

Question Posted: Feb 18, 2024 09:00 AM

See More Questions

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
You are the project manager in charge of construction of a new school building. Give one possible example each of a known known, known unknown, and unknown unknown you might encounter.
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year...
Suppose you are an I/O Consultant, and advises to the manager or CEO about sexual harassment at the work place issue directly relating to their organization. Research a specific topic related to I/O...
In Problems 91114, solve each equation. log, (3) = 3
Given $P(A)=0.30, P(B)=0.62$, and $P(A \cap B)=$ 0.12 , find (a) $P(A \cup B)$; (b) $P(\bar{A} \cap B)$; (c) $P(A \cap \bar{B})$; (d) $P(\bar{A} \cup \bar{B})$.
A partial adjusted trial balance for Orlando Company is given in E4-13. Instructions Prepare the closing entries at January 31, 2010.
Image transcription text Problem 2 Consider the following cantilever beam in Figure P2a, which is supported by a fixed support at point O. The beam is loaded with a diagonal force F = 950 N at point...
Give an example of how a project manager could run into problems with cash flow, even when they are within budget on the overall project.
A rockslide closes down a major highway on your delivery route and leads to unforeseen costs. Does the extra money needed come from contingency reserves, management reserves, or elsewhere? Why?
Robillard SA acquired the following assets in January 2019. Equipment, estimated service life, 5 years; residual value, 15,000 ........ 465,000 Building, estimated service life, 30 years; no residual...
At what point are the rights of Aboriginal people to practice their customs overruled by Canadian Constitutional law?
Over the past weeks, we have learned about some of the international treaties (International Trade and International Law, WTO, NAFTA, EU, Canada's response to global rules) of which Canada is a...
How does the enforcement environment in the Small Claims Court differ from that in the Superior Court? What accounts for these differences? Does the court have any power to alter or stop an order...
What would you miss most if you were incarcerated in prison?
A firm requires an investment of $30,000 and borrows $20,000 at 9%. If the required return on equity is 15% and the tax rate is 30%, what is the firm's WACC?
Because of the extreme deterioration in the financial condition of a customer, the customers account in the amount of $7,500 was written off as uncollectible on July 23. By November 1, the customers...
Stephen Schor, an accountant in New York City, advised his client, Andre Romanelli, Inc., to open an account at J. P. Morgan Chase Bank, N.A., to obtain a favorable interest rate on a line of credit....
Explain how these environmental forces affect the job of an individual manager within this organization. How do they determine the opportunities and threats that its managers must confront?
1. Either by yourself or in a group, discuss if it is ethical to employ children in factories, and whether U.S. companies should buy and sell products made by these children. What are some arguments...
Decide what you must know about (a) your future customers, (b) your future competitors, and (c) other critical forces in the task environment if you are to be successful.
How can process technology facilitate real-time collaboration and information sharing between supply chain partners?
What is an advantage of bonuses over merit-based pay plan?
An organization is implementing a new software system to improve efficiency. The implementation is projected to cost $200,000 and is expected to result in annual savings of $80,000. Calculate the...

Using the same project described in questions 2 and 3, which method(s) of estimating cost would you

Question:

Step by Step Answer:

To establish a baseline budget for the construction of the new school building project the following methods of estimating costs can be used 1 Analogo...View the full answer

Contemporary Project Management

Students also viewed these Business questions