Question: Your company has been awarded a construction project based on the cost estimate that you submitted. However, during the execution phase of the project, you

Your company has been awarded a construction project based on the cost estimate that you submitted. However, during the execution phase of the project, you discover that the actual costs are significantly higher than the estimated costs.

How will you manage this situation, and what steps will you take to ensure that the project stays within the budget and timeline outlined in the estimate?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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!

The following expenditures related to property, plant, and equipment were made by Pascal Company: 1. Paid $400,000 for a new plant site. 2. Paid $5,000 in legal fees on the purchase of the plant...

Determine the mass moment of inertia of the steel machine element shown with respect to the z axis. (The specific weight of steel is 490 lb/ft3.) 0.9 in 0.9in 0.9 in 9 in 0.6 in. 35in. 3.7 in 3.1 in...

Hyten Corporation On June 5, 1998, a meeting was held at Hyten Corporation, between Bill Knapp, Director of Marketing/Sales, and John Rich, director of engineering. The purpose of the meeting was to...

The Sharon Construction Corporation has been awarded a contract for the construction of a 20,000-seat stadium. The construction starts on Monday, February 15, 2016 and must be completed within 52...

Your company has been awarded a construction project based on the cost estimate that you submitted. However, during the execution phase of the project, you discover that the actual costs are...

Only at 7-Eleven - PMO Case Study By Tom Sheives, Unstuck Company, and Steve Barton, 7-Eleven, Inc. Abstract In 2004, 7-Eleven, Inc. created a Project Management Office (PMO) that continues today...

After the Paintbot project you met with Athens Construction ( AC ) to review the project performance. During the lessons learned discussion, AC mentioned that inconsistent labor availability and poor...

QUESTION: After reading the assigned case lets discuss the points the Court mentions that are important in PRESERVING the limitation of liability in an entity (corporation or LLC). Start off the...

(what would you change, or edit in this SOW? just struggling to get this done, as It's the first time I do this assignment. The project preposal is for Enough for All organization, and it's a Food...

A control account is an intersection between an OBS element and a WBS element. The OBS Elements and WBS elements are shown in the control account matrix on pages 86 to 88. You will need to identify 5...

What are some of the advantages of e-business?

They provide jumbo loans to middle class households. If a customer fails to pay their mortgage and declare bankruptcy the loss is recorded as operational loss. Each operational loss is supposed to be...

Suppose that a slice of pizza at a temperature of 8 0 degrees has been placed inside a freezer, where the temperature is 2 degrees. If the pizza cools to 4 5 degrees in 1 hour, then its temperature...

Explain how the chloroplast and mitochondria work together, like it is shown in the cycle in the picture to the right. Photosynthesis and Cellular Respiration Shlorapiast PHOTONYNTHESS guee rton de...

Chloroplasts are the site of photosynthesis, absorbing sunlight to help produce glucose sugar (food) for the cell. Take a look at the diagram of photosynthesis below. Process of Photosynthesis...

Matthew Carrington drank a 5-gallon jug of water, which led to his death. In which type of solution was Matthew Carringtons cells? Type of solution (hypotonic, hypertonic, isotonic) The direction of...

Completa las frases con el verbo correcto en el presente indicative o infinitivo: Mis amigos y yo hablar/comer _______________ el almuerzo a las doce todos los das. A usted le gusta tocar/caminar...

The mitochondria are known as the powerhouses of the cell because they conduct cellular respiration - they "burn" or break the chetlical bonds of glucose (made by plants) to release energy to do work...

What is emphasized as essential for administrative procedures within a flight department

What are the possible reasons why the stock price typically drops on the announcement of a seasoned new equity issue?

An investment project provides cash inflows of $ 840 per year for eight years. What is the project payback period if the initial cost is $ 3,200? What if the initial cost is $ 4,800? What if it is $...

Consider a four-year project with the following information: Initial fixed asset investment = $480,000; straight-line depreciation to zero over the four-year life; zero salvage value ; price = $37;...

A small car is pushing a large truck. They are speeding up. Is the force of the truck on the car larger than, smaller than, or equal to the force of the car on the truck?

A mosquito collides head-on with a car traveling 60 mph. Is the force of the mosquito on the car larger than, smaller than, or equal to the force of the car on the mosquito? Explain.

How does a rocket take off? What is the upward force on it? Your explanation should include an interaction diagram and free-body diagrams of the rocket and of the parcel of gas being exhausted.