Question: There are six tools that can be used for estimating activity durations in a project. One is Expert Judgement. Pick one of the other five,

There are six tools that can be used for estimating activity durations in a project. One is Expert Judgement. Pick one of the other five, and describe how it is used. When might you be more likely to use that particular method than one of the others? What are some of the difficulties in estimating durations?

Step by Step Solution

★★★★★

3.35 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The preconstruction stage of project development involves the preparation of a project management pl... 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

Document Format (1 attachment)

1258-L-B-L-I-L(1177).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

By now you should be familiar with the various tools that can be used for planning, controlling, scheduling, and directing project activities. Table 1511 contains a partial list of such tools and how...

In your assignments throughout this course, you will build an operations improvement plan (OIP) based on the real-world example of the Toyota Motor Corporation's recent product failure crisis. The...

What steps would you take to begin changing the culture in the department? In your answer, consider what changes you would recommend making to the reward systems, methods for estimating activity...

What is the BEST report to use when reporting to senior management? Select one: a. Project plan b. Schedule network diagram c. Milestone chart d. Gantt chart 10:39 am Where should a new project...

Respond to this comment in length whether you agree or disagree. Give critique where needed. Site source if used. Describe what your next steps are and how you execute these steps in order to deliver...

Six Main Processes in PMBOK Time Management Definition of activities. The project team needs to list the activities and tasks that should be done during the project life cycle so that they can be...

1. Planning Schedule Management A detailed Schedule Management Plan is the first step towards effective schedule management. This plan describes the creation, management, and control of the project...

Assessment item 2 Team work and reflection Value: 15% Due date: 08-Sep-2017 Return date: 03-Oct-2017 Submission method options Alternative submission method Task Assessment 2 and Assessment 3 are to...

PM Assignment # 2 Question # 01 Refer to the lecture "Project Schedule Management", we have certain tools or techniques for the estimation of activity durations. Discuss three-point estimate, expert...

Planning a Software Development Project Overview This assignment consists of two sections: a written project plan, and a project plan that is created using MS Project. You must submit both sections...

Suppose Johnson & Johnson and the Walgreen Company have the expected returns and volatilities shown below, with a correlation of 21.2 %21.2%. Upper E left bracket Upper R right bracket E [ R ] SD...

Using the standard unit costs that you computed in SE 3 and the following actual cost and usage data, compute the direct materials price and direct materials quantity variances: Direct materials...

Consider the lognormal distribution with the density function given in Section 6.9. Suppose we have a random sample x1, x2,...,xn from a lognormal distribution. (a) Write out the likelihood function....

1. Reproduce the sensitivity analysis of the project discussed in examples 7.2 and 7.3 using EXCEL. Further to this, tabulate NPV for alternative values of project life and interest rates, and pro-...

The U.S. tax laws provide for the depreciation of equipment based on original cost. Yet owing to substantial inflation, the replacement cost of equipment is often much greater than the original cost....

Sam Johnson inherited $85,000 from his father. Sam is considering investing the money in a house, which he will then rent to tenants. The $85,000 cost of the property, consists of $17,500 for the...

Tom Ward put $10,000 in a 5-year certificate of deposit that pays 12% interest per year. At the end of the 5 years the certificate will mature and he will receive his $10,000 back. Tom has...

Question 3. (15 points) Suppose you apply a 5-year bank loan of $400,000 at 12% APR, repayable in equal instalments at the end of each month. Assume that you pay $8,897.779 each month. a. How much is...

Find the triangular arbitrage and the Covered Interest Arbitrage of the following : knowing that the spot rate of the euro is 0.8835 and the interest rate of the Euro Area is 0% and the one of the...

The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's future value A, or the total amount due at time t. P=$1000,r=7.5%,t=3 months The loan's future value is...