Question: Explain top down and bottom up method for costing. What tools can be used for Project cost analysis? What strategies can be implemented for managing

Explain top down and bottom up method for costing.

What tools can be used for Project cost analysis?

What strategies can be implemented for managing costs in your project?

Suggest one way you could evaluate the cost management of a project.

In your own words briefly explain favourable and unfavourable Project cost variations.

List 3 organisational policies and procedures you need to follow when managing Project cost.

Step by Step Solution

★★★★★

3.48 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 TopDown vs BottomUp Costing TopDown Method This approach involves estimating costs by starting with the overall project budget and then allocating p... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Lead and manage organisational change are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your...

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...

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

An investor has $60,000 to invest in a $280,000 property. He can obtain either a $220,000 loan at 9.5 percent for 20 years or a $180,000 loan at 9 percent for 20 years and a second mortgage for...

For the circuit in Fig. 6.70, calculate the value of R that will make the energy stored in the capacitor the same as that stored in the inductor under dc conditions. 160 uF 5A 2 4 mH

Looking forward, what products will Salesforce.com need to develop in order to remain on the cutting edge of supporting sales staff with information and collaboration?

One of the most interesting concepts to be introduced in positive psychology is the notion of positivity (see Chapter 19). Dr Barbara Frederickson (2009) claims that individuals should experience...

During May, Joliet Fabrics Corporation manufactured 500 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains...

Theraband Ltd. has three divisions (Entertainment, Plastics, and Electronics), each of which is considered an investment center for performance-evaluation purposes. The Entertainment Division...

How would each of the following players expect to generate returns from real estate properties? a. Lender b. Developer c. Investor d. Government

The given multivariable function is as follows: f ( x , y ) = ky 2 - 2 y 3 - kx 3 + 2 kxy . A. Given that the function f ( x,y ) in the Assumptions section has a critical point at (0,0), use a second...

How often should braille accommodations be provided? A. Never, not enough people use it. B. Always, regardless of how many people use it. C. Sometimes if it was requested by someone who needs it. D....

Cupola Fan Corporation issued 12%, $580,000, 10-year bonds for $552,000 on June 30, 2024. Debt issue costs were $3,300. Interest is paid semiannually on December 31 and June 30. One year from the...

5 points Save Answer A. A useful tool used by marketers to help generate growth opportunities is the Ansoff Strategic Opportunity Matrix. Referring to the Matrix, identify and explain the growth...

Relating to the new Apple Glasses please answer the following questions with full answers: 1- Describe possible ethical issues Apple may encounter when Apple promotes this product. 2- You will soon...

The adjusted trial balance for Cullumber Corporation at July 31, 2021, the corporation's fiscal year end, contained the following: Accounts payable $ 97,000 Note payable $141,500 Accounts receivable...

PC Contractors, Inc., was an excavating business in Kansas City, Missouri. Union Bank made loans to PC, subject to a perfected security interest in its equipment and other assets, including...

Identify the potential barriers (or obstacles) that face companies considering or expanding international marketing operations. Which are the most important and which are less important? Explain.

Various classification schemes are sometimes used to given an indication of the potential of a foreign market/country. Explain why these schemes should or should not be used as a basis for deciding...

Is use of the Internet appropriate only for large companies? Explain.

Suppose you are a member of a project team that is evaluating the bids of potential contractors for developing some subassemblies for your project. Your boss makes it clear that any successful bid...

Calculate the fully loaded cost of labor for a project team member using the following data: Hourly rate .. $35/hr. Hours needed . 150 Overhead rate . 55%

Why do project teams create time-phased budgets? What are their principle strengths?