...Eletromax Project Management By Name Instructor Institution Date of submission Eletromax Project Management Part 1 Importance of scope Statement to the Success of a project Given that the project plan is referred to as the foundation of a successful methodology of project management. Then many argue that scope statement of any given project is the breath of any successful methodology of project management. Scope statement is of great importance as it contains details relating to the project vision. It plays an important role of describing the goals of the project, keep a record of what a complete project will be like and finally the deliverables of the project. It is very unfortunate that most of the project stakeholders tend to pay little attention to the process of developing scope statement of a project in question. Another very alarming issue relating to scope statement is that, most of the project managers tend to be very dedicated in developing the scope statement of a project but rarely do they pay attention to the scope developed as they go about their duties of implementing the project plan. For the scope statement to be of great importance to the successful implementation of the project plan, the manager of the project needs to keep on referring to the scope statement so that he/she can ensure that the project implementation is in line with the initial vision and objectives (Edward 1975). The scope statement is used to define the project requirements...
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...Project cost estimation helps management to determine the feasibility of project before undergoing the actual investment. If the cost estimation turned to be incorrect, the management's decision could go in favor the wrong project proposal, and the whole investment may be in stake. Estimating project cost is the responsibility of the project manager. It is one of the difficult tasks in project management. There are many reasons that makes project cost estimations so difficult. The following are descriptions for some of those reasons. Project managers derive the total cost after identifying all tasks needed for the project. These tasks are based on project mangers' complete collection and interpretation of user's requirements. It is obvious that if the requirements were vague or incomplete, some tasks will not be included in the project. Both project duration and cost will suffer in this case. The project managers must ensure to collect all requirements as many and as detailed as possible. Else, project time and cost estimates will not be accurate. Project execution phase, specifically the coding and testing processes, poses the most chances for changing the project cost. It is rarely that existing tasks get eliminated. Contrary, it is expected that users will contributing in adding new development tasks after user initial testing. During testing, users will form closer expectations to future working environment the project intends to build. Here, users may discover forgotten...
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...Title: Basics of Estimation and Building a Risk Register in Project Management Office Authors Name: 1. Dr. Balbir Singh 2. Dr. Lakshmi B. Affiliation: Administrative Staff College of India Mailing Address: balbirahs@gmail.com Mobile: 9059350790 Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy. Basics of Estimation and Building a Risk Register in Project Management Office Abstract: Analysis of measurement data from multiple projects allows the organization to formulate new estimating models and also to set certain benchmarks. Hence it is important to make measurement an integral part of the estimating process. Later, when we get ready to identify a risk, one thing that we must ask our self is what could greatly block the team or project from being able to achieve its objectives? When we take the time to figure out what may have an impact on our ability to reach our goals, this will give us the foundation which is necessary to properly construct the risk register. Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy. Introduction: The success of software projects depends largely on the Effort and Cost Estimation. Consequentially, a lot of work is done proposing good estimation procedure but without any convincing results. In this article we will see some ways on improving the accuracy of estimation. What are estimates? The word “estimate” is to produce a statement of the approximate value of some quantity. Note...
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...Independent Government Cost Estimates and the Statement of Work Business 501 – Government Acquisition Evaluate the importance of the IGCE. Independent Government Cost Estimates is always a very important part of successful implementation and execution of effective acquisition programs both in the private as well as the Government sector. A cost estimate is a future projection of the values of goods and services and a forecast of the economics of these goods and services that are to be delivered in the future. Independent Government Cost Estimate is an economic projection for Government that provides with the detailed estimate of the costs of services and supplies. This estimation is generally acquired from the contractors. However the Independent Government Cost Estimate must be carried out as government own in-house estimate and no information must be obtained from the contractors. IGCE is an independent estimate by the government of what a responsible contractor should propose to government or private sector based on the statement of the work. (Independent Government Cost Estimate, 2016) A number of steps are required in conducting an IGCE and all of these steps must be followed to conduct a competitive estimation. The first step is to know the requirement, project and the services that are going to be procured. In this case we must know about the actual purpose of this two million dollar procurement. The Statement of Work is very important in this respect as it...
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...Activity-Based Costing in Service Industries ACC 560 Strayer University April 21, 2016 Amanda Bryan Activity-based costing is the method of accounting which analyzes and identifies all of the activities performed on a product during production. It then assigns an indirect cost to the product with avoidance of direct cost to the activity. This accounting method helps allocate the cost of the product to the less arbitrarily in values as compared to the method of cost allocation. This method helps to reduce the products price. Cost accounting as it is also known was originally developed for the manufacturing industry. The service industry has adopted the method because it has proven useful in managing costs and increasing productivity. A service industry is one where no goods are produced. One modern example of a service industry is E-Commerce. E-Commerce is the electronic transfer of a transaction. Amazon has established itself as a leader in the E-commerce service industry. Jeff Bezos started Amazon in 1995. When it launched the company only sold books. “In the first month of its launch, Amazon had already sold books to people in all 50 states and 45 different countries. (D'Onfro, 2014)” Amazon was able to stay in business due to exploiting a loophole and thanks to an obscure lichen book always being out of stock. Distributors required order to be for at least ten books, but they didn’t have to receive that many. Whenever they had an order less than ten books, they...
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...unique product, service, or result. [1] “Temporary” is the key word used to show the importance of Time Management in Project Management. Developing & managing schedule is always challenging for a Project Manager. All activities should be completed within stipulated time to come up with unique result or service. This is what PMBOK says - “Project Time Management includes the processes required to accomplish timely completion of the project” Let us review the Time Management processes briefly: Project Time Management consists of 6 major processes. 5 of them are under Planning Process Group & 1 process comes under Monitoring & Control Process Group. Activity Definition: Identifying & Defining all specific activities that is needed to produce project deliverables (Planning Process Group) Activity Sequencing: Identifying dependencies between project activities and documenting the sequence in which they need to be executed to achieve the project output in time (Planning Process Group) Activity Resource Estimating: Resources are men, materials and machines that are required to execute different project activities. Determining what different type of resource required, in what quantity and when each resource will be available to perform the activities is worked out in this process(Planning Process Group) Time Management Processes Activity Duration Estimating: In this process, estimation of required time is done to carry out a defined activity based on the scope & resource...
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...|School/Portfolio: |The Business School | | |Course Code/ID: |BSMAN 3005 | | |Course Title: |Project Management | | |Teaching Location: |(Insert Teaching Location) | | |Program(s): |Bachelor of Applied Management | | |Author: |Alan Labas | | |Level: |Advanced...
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...Software Cost Estimation and COCOMO II ❚ Park, Jung-Won ❚ Univ. of Southern Cal. (USC) ❚ Center for Software Engineering (CSE) ❚ Systems Engineering Research Institute (SERI), Taejon, Korea ❚ December 29, 1997 What is COCOMO? ❚ COnstructive COst MOdel ❚ estimating software development effort and cost ❚ function of the size of the software product in source instructions ❚ function of the most significant software cost drivers Importance of Software Cost Estimation - problems ❚ Software project personnel have no firm basis for telling a manager, customer, or salesperson that their proposed budget and schedule are unrealistic. ❚ Software analysts have no firm basis for making realistic hardware-software tradeoff analysis during the system design phase. ❚ Project managers have no firm basis for determining how much time and effort each software phase and activity should take. USC-CSE Affiliates ❚ Commercial Industry (9) AT&T, Bellcore, EDS, HP, IDE, Motorola, Rational, TI, Xerox ❚ Aerospace Industry (9) E-Systems, Hughes, Litton, Lockheed, Loral, Northrop Grumman, Rockwell, SAIC, TRW ❚ Government (3) DISA, USAF Rome Lab, US Army Research Labs ❚ FFRDC’s and Consortia (5) Aerospace, IDA, JPL, SEI, SPC Partial List of COCOMO Packages ❚ ❚ ❚ ❚ ❚ ❚ ❚ CB COCOMO COCOMOID COCOMO1 CoCoPro COSTAR COSTMODL GECOMO Plus ❚ ❚ ❚ ❚ GHL COCOMO REVIC SECOMO SWAN Steps in Software Estimation ❚ 1. Establish Objectives * Rough Sizing * Make-or-Buy * Detailed Planning ❚ 2. Allocate...
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...MANUAL CHAPTER EIGHT Cost Estimation and Budgeting To Accompany PROJECT MANAGEMENT: Achieving Competitive Advantage By Jeffrey K. Pinto CHAPTER EIGHT PROJECT PROFILE – Boston’s Central Artery/Tunnel Project: Updated and Complete 8.1 COST MANAGEMENT Direct vs. Indirect Costs Recurring Versus Nonrecurring Costs Fixed Versus Variable Costs Normal versus Expedited Costs 8.2 COST ESTIMATION Learning Curves in Cost Estimation Project Management Research in Brief: Software Cost Estimation Problems with Cost Estimation PROJECT PROFILE – Heathrow Airport’s New Terminal Five Development 8.3 CREATING A BUDGET Top-Down Budgeting Bottom-Up Budgeting Activity-Based Costing 8.4 DEVELOPING BUDGET CONTINGENCIES Summary Key Terms Solved Problems Discussion Questions Problems Case Study 8.1: The Dulhasti Power Plant Case Study 8.2: London’s Millennium Dome Internet Exercises PMP Certification Sample Questions Integrated Project: Developing the Cost Estimates and Budget Bibliography TRANSPARENCIES 8.1 SOURCES OF PROJECT COSTS 1. DIRECT VS. INDIRECT COSTS 2. RECURRING VS. NON-RECURRING COSTS 3. FIXED VS. VARIABLE COSTS 4. NORMAL VS. EXPEDITED COSTS 8.2 LEARNING CURVE MODEL [pic] 8.3 PROBLEMS WITH COST ESTIMATION 1. LOW INITIAL ESTIMATES ...
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...PROGRAMME STRUCTURE FOR ISBE (PG) |S No |Subject |Credit | |1. |Business Statistics |3 | |2. |Operations & Optimization Research |3 | |3. |Economics for Managerial Decision Making – II |2 | |4. |Management Information System & KM |2 | |5. |Human Resource Management |2 | |6. |Financial Management |2 | |7. |Executive Communication |6 | |8. |National Economic Planning – I (Presentation Only) |2 | |9. |National Economic Planning - II |2 | BUSINESS STATISTICS (As per University...
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...COMPETITION, SWITCHING COSTS AND ITS CONSEQUENCES IN TELECOMMUNICATIONS IN NEPAL NAME: SAROJ POUDEL DEGREE: MASTER OF INFORMATION SYSTEMS/MASTER OF INFORMATION TECHNOLOGY COURSE: 7112ICT RESEARCH METHODS IN INFORMATION TECHNOLOGY INTRODUCTION The economics of switching costs and network effects have achieved a significant amount of popular, as well as professional attention in the last few decades. It is presently defined as the core factor for new Information Technology economy. Switching costs originates, if a consumer demands a product, or its related accessories(hardware or software), of his own purchases to be compatible with each other this creates economies of scope among his purchases from a single supplier. Whereas network effects arise when a user wants his system to be compatible so that s/he can interact or trade with other users, or switch to the same compatible system, which leads to the creation of economies of scope between different incompatible products. Thus these economies of scope impacts the consumer’s buying and switching behavior between various products. The state of lock-in arises when the switching cost is sufficiently high so that the consumer proceeds using the same product rather than switching to the different product. Lock in is the state where the cost of switching exceeds the benefits of switching. Economics of switching costs is the summation of various types of switching costs including: compatibility costs (and their relationship...
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...TECHNIOLOGY SECTOR 128 NOIDA [pic] PM PROJECT ESTABLISHING COLLEGE FOOD JOINT SUBMITED BY: Anurag Sundriyal (9910103534) Charu Chandra (9910103541) Dipti Jain (9910103508) Joy Gupta ( 9910103576) CONTENTS • Acknowledgments ……………………………………………………………………3 • Project Outline…..…………………………………………………………………….4 • Project Objective……...……………………………………………………………....5 • Project Planning….………………………………………………………..…………...6 • Project Life Cycle……………………………………………………………………...8 • Work Breakdown Structure……….…………………………………………………10 • Responsibility Matrix………….……………………………………………………..11 • Budgeting and Cost Estimation……………………………...………….…………...13 • Scheduling…………..……………………………………………………………..…15 • PERT/CPM analysis….…………………………………………………………..…..17 • Resource Allocation…………………………………………………………………..18 • Concept of crashing……………………………………………………………..……19 • Project monitoring and control………………………………………………………..20 • Conclusion…………………………………………………………………………….23 ACKNOWLEDGEMENT We have taken efforts in this project. However, it would not have been possible without the kind support and help of many individuals and organizations. We would like to extend our sincere thanks to all of them. We are highly indebted to Mrs. Anshu Banwari for her guidance and constant supervision as well as for providing...
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...Project Group Report Winter 2013 Group Number: 3 Participating Group Members: Chris Cardillo Jingshu Dang Shanlin Li Xun Yin Yigong Zhu Boeing 777 In October 1990, the Boeing Company announced that it was launching a new aircraft model, the 777. The company praised the superior technology of the product and the fact that it filled a gap in Boeing’s product line. Moreover, it was targeted to service routes in a critical high growth market segment. The chief objective of the analysis is to evaluate the 777 against a financial standard. The case gives internal rates of return (IRRs) for the 777 project base case and alternative forecasts. The principal analytical problem of the case is an estimation of a weighted average cost of capital (WACC) for Boeing’s commercial aircraft division in order to evaluate these IRRs. The analysis should also identify ‘key value drivers’ and distinguish, on a qualitative basis, the key gambles Boeing is making. Capital budgeting projects should promote the primary goal of the firm; therefore, the primary goal directs decision making. Frank Shrontz, Boeing’s CEO, says his mission is raising Boeing’s return on equity from the recent average of about 12 percent. Is the primary goal of Boeing improving return on equity? 1. Frank Shrontz says he wants to improve Boeing’s return on equity. How might the 777 project serve that mission? Is improving return on equity the same as maximizing shareholders’ wealth...
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...Accounting Principles (GAAP) influence in property management industry. The study focuses on two basic accounting principles in valuing assets, which are fair value and historical cost. The property refers to the land and building, as those are the main part of total fixed assets of a company. Asset is the most important element in the balance sheet, hence the method used for assets valuation is very important to avoid over or under estimation. This is the reason why the choice for measurement method is importance in determining the value of assets because it will affects the acquisition price and the comprehensive income of the firm in terms off income and shareholder equity. The author too focuses on the accounting treatment in accordance to International Financial reporting Standard (IFRS), US GAAP and Greek GAAP. With reference to the article, asset can be defined as a good able to provide a constant flow of services such as housing services and a source of cash flow. Assets are ruled by a set of basic aspects such as the cost (cost of land or construction cost), the residual value, the useful life estimation and depreciation charge. These elements are correlated with the type and use form of assets. The author also apply some accounting principles in their study such as prudence, historical costs, substance over form, going concern, true and fair view and many more. Data Methodology/approach The topic is approach by using an integration of fixed assets into four main portfolio...
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...Project Cost Control Tools & Techniques Jason Owens, jason@jasonowens.com Scott Burke Matthew Krynovich DJ Mance Last Updated: 1/15/07 Project Cost Control Tools & Techniques Introduction Contributors: Owens, Jason, jason@jasonowens.com Burke, Scott Krynovich, Matthew Mance, DJ The formatting and minor edits of this document have been updated since its original creation. Contact information for some of the contributing authors has been removed for reasons of privacy and in no way indicates a lesser degree of contribution. All project team members have contributed equally to this paper. Copyright © 2007 All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without written permission. Jason Owens, jason@jasonowens.com Page 2 of 26 Project Cost Control Tools & Techniques Introduction Executive Summary This paper reviews certain tools and techniques that can be used in order to help those responsible for managing a project to potentially better control and manage project costs. The aspects of life-cycle costing are presented and opportunities for optimizing cost management are presented. Finally, a table summarizing the recommendations are presented in the conclusion. Jason Owens, jason@jasonowens.com Page 3 of 26 Project Cost Control Tools & Techniques Introduction Table of Contents Executive Summary ............................
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