Project managers recognise that time, cost and resource estimates must be accurate to ensure effective project...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Project managers recognise that time, cost and resource estimates must be accurate to ensure effective project planning, scheduling and controlling (Larson & Gray, 2014). (b) (c) Discuss FIVE (5) guidelines, with rationale, for developing useful work package estimates for project planning purposes. (10 marks) Explain why accurate estimates are critical to effective project management. Demonstrate the uses of estimates to further support your explanation. (10 marks) Describe and contrast the FIVE (5) top-down approach of estimating. (10 marks) Project managers recognise that time, cost and resource estimates must be accurate to ensure effective project planning, scheduling and controlling (Larson & Gray, 2014). (b) (c) Discuss FIVE (5) guidelines, with rationale, for developing useful work package estimates for project planning purposes. (10 marks) Explain why accurate estimates are critical to effective project management. Demonstrate the uses of estimates to further support your explanation. (10 marks) Describe and contrast the FIVE (5) top-down approach of estimating. (10 marks)
Expert Answer:
Answer rating: 100% (QA)
a Five guidelines for developing useful work package estimates for project planning purposes 1 Break Down the Work Package Divide the work package into smaller manageable tasks or activities Breaking ... View the full answer
Related Book For
Project Management A Systems Approach to Planning Scheduling and Controlling
ISBN: 978-0470278703
10th Edition
Authors: Harold Kerzner
Posted Date:
Students also viewed these general management questions
-
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...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
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...
-
BC Lessee Co. enters a non-cancelable lease agreement with Blackcomb Co. on January 1, 2023, under which Blackcomb Co. leases equipment to BC Lessee Co. Information pertaining to the lease is...
-
Rod AB is bent into the shape of a circular arc and is lodged between two pegs D and E. It supports a load P at end B. Neglecting friction and the weight of the rod determine the distance c...
-
A test is made of H0 : = 25 versus H1: < 25. The value of the test statistic is z = 1.84. a. Find the critical value and the critical region for a significance level of = 0.05. b. Do you reject H0...
-
Arleen ONeil practices law under the business title Arleen ONeil Attorney at Law, Inc. During November, her law practice engaged in the following transactions: ONeils business uses the following...
-
In the fiscal year that ended September 30, 2008, there were 24,584 age-discrimination claims filed with the Equal Employment Opportunity Commission, an increase of 29% from the previous year (The...
-
With new social distancing measure in place, Puzzle Mania Ltd. has noticed a significant increase in demand for its colourful and challenging puzzles.To meet the anticipated sales increase, the...
-
The following data were extracted from the 2018 financial statements of New Way Automotive Corporation. This company operates automobile and commercial vehicle dealerships in many countries. The...
-
Discuss the key factors to consider in determining how to partition a corporate database. Distinguish between a database lockout and a deadlock.
-
Vernon Company began operations on January 1 , year 1 , by issuing common stock for $ 3 1 , 0 0 0 cash. During year 1 , Vernon received $ 6 2 , 2 0 0 cash from revenue and incurred costs that...
-
In September, ABC Company receives a special order for 38,000 machines at $162 each from a major coffee shop franchise. Acceptance of the order would result in $13,000 of shipping costs but no...
-
On 1 January 2023, Bob Teo set up Safe Pte Ltd to manufacture and sell face masks. He manages the company single-handedly and at the end of the year, he prepared the following income statement for...
-
Lin Corporation has a single product whose selling price is $ 1 3 6 per unit and whose variable expense is $ 6 8 per unit. The company s monthly fixed expense is $ 3 2 , 4 0 0 . Required: Calculate...
-
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 2 7 0 units from the January 3 0 purchase, 5...
-
. Martin wants to provide money in his will for an annual bequest to whichever of his living relatives is oldest. That bequest will provide $1,000 in the first year, and will grow by 5% per year,...
-
On October 1, 2014, the Dow Jones Industrial Average (DJIA) opened at 17,042 points. During that day it lost 237 points. On October 2 it lost 4 points. On October 3 it gained 209 points. Deter-mine...
-
Which of the following items is not considered to be one of the seven Ms of management? a. Manpower b. Money c. Machines d. Methods e. Materials f. Minutes g. Mission
-
What impact would there be on BCWS, BCWP, ACWP, and cost and schedule variances as a result of the: a. Early start of an activity on a PERT chart? b. Late start of an activity on a PERT chart?
-
At what point or phase in the life cycle of a project should a project manager be appointed?
-
What statutory and mandatory professional pronouncements require a review to be published?
-
List two items that may be found in the operating section and two items that may be found in the financial review section of an OFR.
-
What statutory and mandatory professional requirements require directors to submit a report to shareholders?
Study smarter with the SolutionInn App