I’m working on a Management exercise and need support.
Your company has seen important internal projects go off course during execution. After-the-fact analysis has revealed that the common factors are inadequate budget controls and inconsistencies in budget estimation. Senior management now believes that developing and integrating a set of standard control processes for both planning and execution will raise success rates.
As a group, decide who will take the following topics:
- Expert judgment
- Analogous estimating
- Bottom-up estimating
- Parametric estimating
Individual Portion
Using the online library, Internet, and all course materials, research your topic on the techniques used for project cost estimation, budget planning, and establishing cost baselines.
Write a 1-page summary on your topic, and be prepared to discuss during your group discussion.
Group Portion
As a group, discuss your findings on the techniques.
The bottom-up estimation entails compiling a work breakdown structure (WBS). Work with your small group to complete the following:
- Compile a step-by-step method for creating the work breakdown structure (WBS).
- Provide the detailed scope definition, project schedule, and project budget.
- Give special attention to the time management processes.
- Use a hypothetical project to illustrate your group’s understanding of the WBS.
Group Deliverable
Create a 5–8-page report that includes the following:
- The individual summary topics
- The step-by-step method for creating the WBS
- A detailed scope definition, project schedule, and project budget
- Be sure to provide the time management processes.
- A reference page with all of your citations
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