Question: An experienced project manager has successfully managed many new office build - outs for their East Coast company. The company just announced that they will
An experienced project manager has successfully managed many new office buildouts for their East Coast company. The company just announced that they will be expanding operations to the Midwest, and a lease has been signed for square feet of space in Cincinnati. The new office has to be up and running in months, and leadership has asked for a construction estimate by the end of the day. How can the project manager come up with a credible estimate for the new space quickly?
a Tell the manager that you can't come up with an estimate in a few hours.
b Ask the manager questions about the new office space to understand the departments that will be located there, the level of finishes desired, etc. Then base the new budget on previous, similar projects.
c Create a work breakdown structure by using another previous project and gemerate a bottomup estimnate for each work package.
d Go through all office buildouts for the past five years. Calculate an average construction cost per square foot and multiply the square feet by this historical cost per square foot to calculate the budget.
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