Time and cost estimating techniques essay

The aim of effective project management is to bring the project to completion on time and on schedule. Estimating project duration is a key function of scheduling.

Time and cost estimating techniques essay

These processes are organized into 10 knowledge areas and represent 5 process groups. One of the most prominent of the process groups is project planning.

Task Costs

Over half of the processes occur in this group; 24 of the 47 processes are in this group. You might think that planning processes are localized to a particular area of your project, but note that processes in the planning group span all 10 knowledge areas.

What are the two main inputs outputs from processes in the initiating process group that you need to start planning a project? Which planning process group process output is the result of project deliverable decomposition into manageable components called work packages?

Answers The two outputs from initiating process group processes necessary to start planning are the project charter and the stakeholder register. These two documents provide the starting point for planning a project.

The work breakdown structure WBS is the result of decomposing work into smaller, more manageable components until the work and deliverables are defined to the work package level. After you have completed the initiating processes, you are ready to start planning your project.

Remember what that means? It means that you possess formal authorization to conduct the work of the project. Planning answers a few very important questions, such as What work will you do?

To answer these questions, start from what you know. There are two outputs from the initiating process group processes.

Always start with the information necessary to proceed.

Time and cost estimating techniques essay

There are two outputs from the initiating processes: The project charter The stakeholder register Armed with these initiating documents, you can start the planning processes.

In a nutshell, you follow each of the planning processes to refine the project documents from these outputs. As you develop the planning documents, always remember how the various processes are related. The planning processes result in outputs that explain how the project will progress toward reaching its goals.

ExamAlert Planning includes many processes, so be prepared to answer many questions in this area on the exam. As with all other process groups, make sure you know the inputs, tools and techniques, and outputs of each process.

It helps to draw your own process flow.

Compare and Contrast Cost Estimating Techniques | Free Essays - vetconnexx.com

Just the act of physically drawing the process flow in each process group helps you remember how the processes relate to one another. PMI is explicit in stressing the importance of planning. Far too many projects suffer from the poor practice of starting work before anyone really knows what needs to be done.

This almost always results in wasted effort and lost time.Estimation of project cost, time, effort and quality act like input for project scheduling and budgeting.

Therefore, the domain of the project to be developed should be initially studied carefully to make a decision in selecting the right methods and tools for a good project estimation.

Analogous Estimation

Project Techniques and Risk Management Essay Project Techniques There are reasons why estimating time and cost are important. Below are the following: • Estimates are needed to support good decisions.

• . Read this essay on Estimating Techniques. Come browse our large digital warehouse of free sample essays. Get the knowledge you need in order to pass your classes and more.

The most challenging job a project manager will have is properly estimating time, and cost because of the uncertainty of variables of each project. Using the .

Compare and Contrast Cost Estimating Techniques - Essay Samples

Accurate time estimation is a crucial skill in project management. Without it, you won't know how long your project will take, and you won't be able to get commitment from the people who need to sign it off. We will write a custom essay sample on Project Estimating Techniques specifically for you for only $ $/page.

Estimates of time and cost together allow the manager to develop a time-phased budget, which is imperative for project control (Larson & Gray, , p. ). While there are many different ways that estimates are created. Task Costs. Once he has broken the project up into small tasks, the project manager can assign costs.

For equipment that he has to purchase, he can contact suppliers to get accurate estimates.

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