Premium Essay

Proj Cost & Schedule Control Test

In:

Submitted By ts043775
Words 399
Pages 2
1. (TCO B) Good project cost estimations are critical to a successful project. With that in mind, compare and contrast parametric estimating and vendor bid analysis as cost estimation techniques on a project. Please provide an example of each. (Points : 20)

Parametric estimation is based on a number of similar data points of performing similar work packages in the past”. Kuehn, Ursula (2011-04-07). It is a very accurate and easy estimating technique. A formula is developed for estimating the time or resources needed to perform a project activity. The formula is usually based upon a great deal of historical experience. It provides an invaluable service in the course of the project. Parametric estimating refers, primarily, to an estimation technique which utilizes the statistical relationship that exists between a series of historical data and a particular delineated list of other variables. However, when it comes to the vendor bid analysis is a technique used when working with suppliers on uncertain activities. it is simply seeing the costs via quotes, bids, proposals offered for a project work.

Is a technique used when working with suppliers on uncertain activities? The analysis considers the assumptions the vendor worked with and does a sensitivity assessment on those assumptions. In addition, for effort that the buying organization does not have experience with, they can contract with a consulting firm that has experience to do a "Should Cost" analysis. This "Should Cost" estimate is compared to the suppliers quote to identify any shortcomings. The advantages of this technique are that it exposes supplier risk that can be accounted for in the reserve analysis and it increases the confidence in the supplier's approach. The disadvantages are that this can take a fair amount of time and if a consultant is used to create a "Should Cost" it adds to the cost of

Similar Documents

Premium Essay

Technical Paper It Project Management

...freedom and peace of mind to have access to the products or services they purchased without interruption. Working behind the scenes, as it were, are the IT companies that make the realization of this freedom and peace of mind possible. In the scenario with Fiction Corporation, it is quite evident that the role of IT is paramount to the success of the business, in general, and to the company’s decision to- move, in particular. Big-Proj will receive the “big break” for which it is looking by ensuring compliance with the goals set forth in regards to the scope of the project, the timeline projections, and the budgetary requirement of $500,000.00. Scope Big-Proj has chosen to name this project “Fiction Corporation’s Data-Center Move” to avoid any confusion with possible future contracts with Fiction Corporation, as well as to serve as memory hook, of sorts, should any processes need to be referenced at a later time, and to keep the project’s team focused to avoid possible project creep. It charter is comprised of the project’s authors—Big-Proj and Fiction Corporation—a detailed project overview, and the identification of all stakeholders, including both...

Words: 2587 - Pages: 11

Premium Essay

Budget

...budget can be a process, a document, an accounting ledger, a plan, or a system. Local gov’t budgeting process unique – product of geographical, historical, economic, political and social factors peculiar to that jurisdiction. Budgeting is a unified series of steps to line and implement four functions: ❑ policy development – as policy instrument, CEO and legislative body need to articulate the goals, objectives and strategies that underline the budget – the flip side of proposing policy changes is accountability ❑ financial planning – includes gov’t financial condition; current/past-year trend financial act. by dept or prog; formal revenue est; look to the future to anticipate events/conditions; ensure debt service remains under control (while debt service receives first draw on municipal exp, financial plan set a rational debt service level for multi-year period ❑ service/operations planning – blueprint that governs the amount of service provided ❑ communications – way for decision makers to communicate changes in priorities, rationale for decisions and changes to vision in the future The final step in securing a framework w/in w/c the needs of policy setting, financial planning, service planning and communications can work is the development of quantitative performance measures. Environment/actors dictate the extent to which the linkage occurs and the form of linkage. Four phases of local budget cycle: ❑ planning/preparation – key that encourages integration...

Words: 9179 - Pages: 37

Premium Essay

Sistem Informasi

...PRENTICE HALL MA NAGEMENT INFORMATION SYSTEMS TITLES MIS: Brown/DeHayes/Hoffer /Martin/Perkins, Managing Information Technology 6/e © 2009 JessuplValacich, Information Systems Today 31e © 2008 Kr oenke, Using MIS 21e © 2009 Kr oenke, Experiencing MIS © 2008 Laudon/Laudon, Management Information Systems 10le © 2007 Laudon/Laudon, Essentials of Management Information Systems 81e © 2009 Luftman et aI., Managing the IT Resource © 2004 Malaga, Information Systems Technology © 2005 McKeen/Smith, IT Strategy in Action © 2009 McLeod/Schell, Management Information Systems 10le © 2007 McNurlin/Spr ague, Information Systems Management In Practice 7Ie © 2006 Miller, MIS Cases: Decision Making with Application Software 41e © 2009 Senn, Information Technology 31e © 2004 Database Management: BordoloilBock, Oracle SOL © 2004 Bordoloi/Bock, SOL for SOL Server © 2004 Fr ost/DaylVanSlyke, Database Design and Development: A Visual Approach © 2006 Hoffer/Prescott/Topi, Modern Database Management 91e © 2009 Kroenke/Auer, Database Concepts 31e © 2007 Kroenke, Database Processing 10Ie © 2006 Perry/Post, Introduction to Oracle10g, © 2007 Per ry/Post, Introduction to SOL Server 2005 © 2007 Systems Analysis and Design: Hoffer /GeorgelValacich, Modern Systems Analysis qnd Design 5'/e © 2008 Kendall/Kendall, Systems Analysis and Design 7Ie © 2008 Valacich/George/Hoffer, Essentials of Systems Analysis and Design 31e © 2006 Object-Oriented Systems Analysis and Design: ...

Words: 39287 - Pages: 158

Free Essay

Buildings

...ACCESS buildings ISSN 2075-5309 www.mdpi.com/journal/buildings/ Review Construction Delay Analysis Techniques—A Review of Application Issues and Improvement Needs Nuhu Braimah Civil Engineering Department, School of Engineering and Design, Brunel University, Uxbridge, Middlesex UB8 3PH, UK; E-Mail: nuhu.braimah@brunel.ac.uk; Tel.: +44-0-1895-265-919; Fax: +44-0-1895-269-782 Received: 8 May 2013; in revised form: 1 July 2013 / Accepted: 18 July 2013 / Published: 23 July 2013 Abstract: The time for performance of a project is usually of the essence to the employer and the contractor. This has made it quite imperative for contracting parties to analyse project delays for purposes of making right decisions on potential time and/or cost compensation claims. Over the years, existing delay analysis techniques (DATs) for aiding this decision-making have been helpful but have not succeeded in curbing the high incidence of disputes associated with delay claims resolutions. A major source of the disputes lies with the limitations and capabilities of the techniques in their practical use. Developing a good knowledge of these aspects of the techniques is of paramount importance in understanding the real problematic issues involved and their improvement needs. This paper seeks to develop such knowledge and understanding (as part of a wider research work) via: an evaluation of the most common DATs based on a case study, a review of the key relevant issues often not addressed by the...

Words: 9710 - Pages: 39

Premium Essay

Final Course Project Paper

...Tektronix Portfolio: Bringing Innovation and Satisfaction Week 7 Course Project Final Draft PROJ 587 Advanced Program Management Contents 1.0 Executive Summary 4 2.0 Organization’s Strategic Plan 5 3.0 Organization’s Strategic Capacity Plan 6 3.1 Defend the Core 6 3.2 Expansion of Sales and Products 6 3.3 Balance the Portfolio 6 4.0 Portfolio Management Process 7 4.1 Portfolio Strategic Plan 7 4.2 Portfolio Charter 7 4.3 Portfolio Management Plan 7 4.4 Portfolio Roadmap 8 4.5 Portfolio 9 5.0 Project Selection Criteria 9 5.1 Project Definition 9 5.1.1 Project Categorization 9 5.1.2 Project Prioritization 9 5.1.3 Weighted Scoring Method 10 5.2 Project Acceptance 11 5.2.1 Business Criteria 11 5.2.2 Logistical Criteria 11 6.0 Program Management Plan 11 6.1 Setup of Program Management Office (PMO) 11 6.1.1 Responsibilities: 11 6.2 Phase Gate Review Team 12 7.0 Plan to Identify/Resolve Triple Constraints Conflicts 12 8.0 Change Management Plan 14 8.1 Controlling Scope Change 14 8.2 Change Control Process 15 9.0 Resource Utilization Plan 16 9.1 Network Diagram 16 9.1.1 Utilization 16 9.1.2 Background Activities 16 9.1.3 Single-Tasking and Mulit-Tasking 16 9.1.4 Cross-Training 17 9.1.5 Identify Time-Critical Activities 17 9.1.6 Schedule Based on Deliverables 17 9.2 Requirements Plan 17 10.0 Works Cited 19 1.0 Executive Summary The primary purpose and goal of this report is to explain in detail the Portfolio Management...

Words: 4607 - Pages: 19

Premium Essay

Online Job Portal

...system using which job applicants and recruiters can communicate with each other. The purpose is to enable applicants to search for jobs in a convenient manner and to enable employers to find suitable candidates. 1.3 SCOPE My project Entitled “ONLINE JOB PORTAL WITH PLACEMENT SERVICES FOR JOB SEEKERS AND JOB RECRUITERS SCHEME” is a web based application which allows applicants and employers to register their details. Applicants can browse through the vacancy details that are posted and can apply for the jobs online. Employers can browse through the posted resumes and select suitable candidates. This application has Administrator, Job Seeker, Recruiter, Resume Uploading Functionality Job Search Facility, Job Seeker and Recruiter Profile control, Placement registration, Recruiter login, etc. 1.4 LITERATURE SURVEY Normally, the quality of people hired is the key metric for measuring the effectiveness of the employment function, but in certain circumstances, the speed of hiring may actually be a more significant contributor to quality hiring [1]. A good productive hiring is not a matter of putting an advertisement in the newspaper, setting up some chairs and tables on the appointed day, and then taking in some resumes to be followed up later. The purpose of a hiring event is to reach out to prospective employees and bring the specific kind of skills and experiences in the organization especially those which cannot be built from within [2]. The question is how this could be made...

Words: 5421 - Pages: 22

Premium Essay

Acquisition Law

...Principles of Project Management Course Outline Volume I About the Microsoft Project Screens .........................................................................iv Segment 1. The Background of Project Management (Includes PMBOK® Guide Chapter 1 & 2) ....................................................................................................... 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 Introductions, course materials, housekeeping & homework Definition, examples and characteristics of projects About Project Management Institute & other PM organizations Projects and emerging industries Programs & portfolios and project management office Environmental enterprise factors and organizational process assets Project & product life cycles Stakeholders Organizational structures & influences Segment 1 questions......................................................................... 22 Segment 2. The Gospel According to PMBOK® Guide (Includes PMBOK® Guide Chapter 3) ........................................................................................................... 27 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 3.1 PMBOK® Guide Organization Initiation processes Planning processes Execution processes Monitoring & controlling processes Closing processes Course Guide Exercise: Memorize the process matrix ............................................... 46 Project Assessment 3.1.1 Benefit Measurement Methods 3.1.1.1 Life Cycle Costing & Net Present Value 3.1.1.2 Internal Rate of Return...

Words: 67153 - Pages: 269

Premium Essay

Proj 595 Course Project Part Ii

...Cover Page Course Project Part II Military Retirement Ceremony Keller Graduate School of Management PROJ 595 – Project Risk Management Phillip Thatcher October 24, 2014 Edward Yerington TABLE OF CONTENTS Project Risks for Planning a Military Retirement Ceremony Course Project Part I ………………………………………………………………………………………….3,4,5,6,7,8,9 Introduction……………………………………………………………………………………………………………………………10 Decision Tree Analysis……………………………………………………………………………………………………………11 Discussion of Decision Tree…………………………………………………………………………………………………..12 Fault Tree……………………………………………………………………………………………………………………………….13 Discussion of Fault Tree………………………………………………………………………………………………………..14 Conclusions…………………………………………………………………………………………………………………………….15 Works cited…………………………………………………………………………………………………………………………….16 Introduction The Project Manager or the Commanding Officer of this project is responsible for the implementation of the Project Risk Management Plan. A formal detailed plan is required for these large complex and high-risk projects. These projects require a specified treatment plan to monitor and control risk. However, for smaller less complicated projects the risk plan is usually combined into the daily operations of the project tasks. In which I will assign to the appropriate sections. Such was the case for the planning a Military Retirement Ceremony. This report will discuss how risk were identified, prioritized and monitored for the project of planning...

Words: 5799 - Pages: 24

Premium Essay

Admi 202 Final Exam

...Chapter 13, 14,18,19,20 information manager The manager responsible for the activities needed to generate, analyze, and disseminate infor- mation that a company needs to make good decisions. information management An internal operation that arranges the firm’s informa- tion resources to support business per- formance and outcomes. data Raw facts and figures. information A meaningful, useful inter- pretation of data. Data Versus Information Although business people often complain that they receive too much infor- mation, they usually mean that they get too much data—raw facts and fig- ures. Information is usefully interpreted data (see Figure 13.1). Consider the following data: ■ Fifty million tubes of toothpaste were sold last year. ■ The birth rate is rising slowly. ■ Forty-four million tubes of toothpaste were sold the year before last. ■ Advertising for toothpaste increased 23 percent last year. ■ A major dentists’ group recently came out in favour of brushing three times a day. information system (IS) An organized method of transforming data into informa- tion that can be used for decision making. electronic information technolo- gies (EIT) IS applications based on telecommunications technologies. by performing two functions: 1. Providing coordination and communication within the firm 2. Speeding up transactions with other firms Six of the most widely used innovations in today’s digital business sys- tems are as follows: fax machine A machine that...

Words: 3506 - Pages: 15

Premium Essay

Rymco Blue Ocean Strategy

...PROJECT MANAGEMENT By Michael Harding Roberts Table of Contents Chapter 1 - Introduction and Principles .............................................................................. 1 Chapter 2 - Projects and Stages ........................................................................................ 4 Chapter 3 - Roles and Responsibilities ............................................................................ 27 Chapter 4 - Project Definition ........................................................................................... 45 Chapter 5 - Risk Management ......................................................................................... 57 Chapter 6 - Estimating ..................................................................................................... 66 Chapter 7 - Planning ........................................................................................................ 79 Chapter 8 - Stage Agreement ........................................................................................ 101 Chapter 9 - Project Support ........................................................................................... 110 Chapter 10 - Tracking, Controlling and Reporting .......................................................... 122 Chapter 11 - Change and Issue Management ............................................................... 144 Chapter 12 - Quality Management ......................................................................

Words: 93619 - Pages: 375

Premium Essay

Remediation Market

...This page intentionally left blank Office of Solid Waste And Emergency Response (5102G) EPA 542-R-04-015 September 2004 www.epa.gov/tio clu-in.org/marketstudy Cleaning Up the Nation’s Waste Sites: Markets and Technology Trends 2004 Edition This page intentionally left blank Notice Preparation of this report has been funded wholly or in part by the United States Environmental Protection Agency (EPA) under contract number 68-W-03-038. Mention of trade names or commercial products does not constitute endorsement or recommendations for use. This document is intended for information purposes and does not create new nor alter existing Agency policy or guidance. The document does not impose any requirements or obligations on EPA, states, other federal agencies, or the regulated community. A limited number of printed copies of Cleaning Up the Nation’s Waste Sites: Markets and Technology Trends, 2004 Edition is available free of charge by mail or by facsimile from: U.S. EPA/National Service Center for Environmental Publications (NSCEP) P.O. Box 42419 Cincinnati, OH 45242-2419 Telephone: 513-489-8190 or 800-490-9198 Fax: 513-489-8695 A portable document format (PDF) version of this report is available for viewing or downloading from the Hazardous Waste Cleanup Information (CLU-IN) web site at http://clu-in.org/marketstudy. Printed copies can also be ordered through that web address, subject to availability. For More Information For more information about remediation...

Words: 87601 - Pages: 351

Premium Essay

Project Mgt

...SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach Jack R. Meredith Broyhill Distinguished Scholar and Chair in Operations Wake Forest University Samuel J. Mantel, Jr. Joseph S. Stern Professor Emeritus of Operations Management University of Cincinnati John Wiley & Sons, Inc. DeDication To Avery and Mitchell, from “papajack.” J. R. M. To Maggie and Patty for their help, support, and affection. S. J. M. VICE PRESIDENT & EXECUTIVE PUBLISHER Don Fowley EXECUTIVE EDITOR Beth Golub ASSOCIATE EDITOR Jen Devine MARKETING MANAGER Carly DeCandia DESIGN DIRECTOR Harry Nolan SENIOR DESIGNER Kevin Murphy SENIOR PRODUCTION EDITOR Patricia McFadden SENIOR MEDIA EDITOR Lauren Sapira PRODUCTION MANAGEMENT SERVICES Ingrao Associates This book was set in by GGS Book Services PMG and printed and bound by RRD/Willard. The cover was printed by RRD/Willard. This book is printed on acid free paper.  Copyright © 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc...

Words: 178405 - Pages: 714

Premium Essay

Projects

...ftoc.indd 16 10/10/08 5:17:22 PM SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach ffirs.indd 1 10/10/08 5:16:30 PM SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach Jack R. Meredith Broyhill Distinguished Scholar and Chair in Operations Wake Forest University Samuel J. Mantel, Jr. Joseph S. Stern Professor Emeritus of Operations Management University of Cincinnati John Wiley & Sons, Inc. ffirs.indd 3 10/10/08 5:16:35 PM ftoc.indd 16 10/10/08 5:17:22 PM Dedication To Avery and Mitchell, from “papajack.” J. R. M. To Maggie and Patty for their help, support, and affection. S. J. M. VICE PRESIDENT & EXECUTIVE PUBLISHER  Don Fowley EXECUTIVE EDITOR  Beth Golub ASSOCIATE EDITOR  Jen Devine MARKETING MANAGER  Carly DeCandia Design Director  Harry Nolan SENIOR DESIGNER  Kevin Murphy SENIOR PRODUCTION EDITOR  Patricia McFadden SENIOR Media editor  Lauren Sapira PRODUCTION MANAGEMENT SERVICES  Ingrao Associates This book was set in by GGS Book Services PMG and printed and bound by RRD/Willard. The cover was printed by RRD/Willard. This book is printed on acid free paper.  Copyright © 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976...

Words: 181757 - Pages: 728

Free Essay

Management Information Systems

...Find more on www.studymaterial.ca ADMS 2511 MIS Notes Ch 1 – Modern Organization in the Global, Web-Based Environment Management information systems (MIS)- deals with the planning of info tech to help people perform tasks related to info processing and management Information technology (IT)- any computer-based tool used with info to support the needs of an org Importance of Planning for IT -a new info system can apply to the whole org, or a specific area of the org Application portfolios- are groups of new system proposals (apps that have to be added/modified) IT Planning -begins with an organizational strategic plan -states  the  firm’s  mission,  goals,  and  steps  to  reach  those  goals -IT architecture describes  the  way  an  org’s  info  resources  should  be  used  to  accomplish  its  mission -includes both technical (hardware operating systems) and managerial aspects (managing the IT dpt, how area managers will be involved) IT strategic plan- LT goals that describe the IT infrastructure and major IT initiatives to achieve the organization’s  goals -it must meet three main objectives: -must  be  aligned  with  the  org’s  strategic  plan -must provide for an IT architecture that networks users, apps, and databases -must efficiently allocate IS resources among different projects so they can all be completed on time, within budget, and function properly IT steering committee- composed of managers/staff who rep diff organizational units -they  establish  IT  priorities...

Words: 24496 - Pages: 98

Premium Essay

Finance

...MANAGING CORE RISKS IN BANKING: CREDIT RISK MANAGEMENT Industry Best Practices BANGLADESH BANK CREDIT RISK MANAGEMENT Industry Best Practices PREPARED FOR: BANGLADESH BANK PREPARED BY: FOCUS GROUP ON CREDIT & RISK MANAGEMENT Team Co-ordinator: Team Members: Sudhir Chandra Das Ali Reza Iftekhar Niaz Habib A.G. Sarwar Brian J. McGuire Naser Ezaz Bijoy Page 2 INTRODUCTION: Risk is inherent in all aspects of a commercial operation, however for Banks and financial institutions, credit risk is an essential factor that needs to be managed. Credit risk is the possibility that a borrower or counter party will fail to meet its obligations in accordance with agreed terms. Credit risk, therefore, arises from the bank’s dealings with or lending to corporates, individuals, and other banks or financial institutions. Credit risk management needs to be a robust process that enables banks to proactively manage loan portfolios in order to minimize losses and earn an acceptable level of return for shareholders. Central to this is a comprehensive IT system, which should have the ability to capture all key customer data, risk management and transaction information including trade & Forex. Given the fast changing, dynamic global economy and the increasing pressure of globalization, liberalization, consolidation and dis- intermediation, it is essential that banks have robust credit risk management policies and procedures that are sensitive and responsive to these changes...

Words: 13452 - Pages: 54