I need help with a Management question. All explanations and answers will be used to help me learn.
This reading (linked in Resources) provides information about project cost estimates:
- Kerzner, H. R. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th ed.). Hoboken, NJ: Wiley.
- Section 13.2, “Types of Estimates,” pages 455–458.
As a project manager, you are responsible for preparing project cost estimates. The three most popular estimation techniques are:
- Rough order of magnitude (ROM).
- Budgetary estimate.
- Definitive estimate.
Provide the following information in 3–4 paragraphs in your initial post:
- Description of each estimation technique.
- Time frame for utilizing the estimation technique.
- Advantages and disadvantages.
- Accuracy level.
- A real-world example based on a project you have or are currently working on.
Consider the following questions:
- Do you agree with the time frame for utilizing the estimation technique?
- What additional information would you include for advantages or disadvantages?
- Do you agree with the “real-world” example?.
0 comments