Project Cost Management Estimations

Project Cost Management.

Project Cost Management
Project Cost Management

This work is designed to evaluate your ability to apply cost-estimating techniques for project activities.

You will learn both qualitative and quantitative options to determining the project’s budget.

Jacqueline is the project manager for Jet on Demand (JoD), a company that brokers private jet flights for companies and consumers who want to avoid the hassle of flying commercially.

Currently, the flights are booked by calling a toll-free number, which is time consuming and prone to mistakes. Felicia Daniels, a retired military pilot, founded JoD and serves as the CEO.

She hired Jacqueline because of the urgent need to create an app that allows customers to book a flight on their mobile devices, whether iOS of Android.

Felicia believes this technology will increase business, especially since private jets are becoming more affordable. The schedule for the project is 7 months, and Felicia has allocated $250,000 for the work.

However, Jacqueline’s team has yet to complete the planning process.

Please provide responses to the following items:

(a) What are the pros and cons to using expert judgment when estimating the cost for this project? Which experts should Jacqueline contact? What type of information is she seeking related to costs?

(b) Jet on Demand has not worked on a similar project in the past. However, Jacqueline has extensive experience leading app development projects. Explain how she can use analogous estimating given her previous work experience.

(c) Discuss the value of using three-point estimating for this app project. Select three activities where this technique can be used, and perform the calculation. You will need to find the following estimates: optimistic, most likely, and pessimistic.

(d) Of these two estimating techniques, parametric and bottom-up, which one do you think might be of most value to Jacqueline’s team?Please justify your response.

Components
● Title page formatted in APA 6th edition style with the following information:
  • Title of the paper,
  • your name,
  • course number and section number, and
  • date.
● A table of contents using the following headers:
  • Introduction,
  • Pros and Cons of Using Expert Judgment,
  • Application of Analogous Estimating,
  • Value of Three-Point Estimating,
  • Parametric vs. Bottom-up Estimating,
  • Conclusion, and
  • References.
● A minimum of three scholarly journal and textbook source references cited and credited according to APA 6th edition formatting style using a minimum of six in-text citations.
● The paper should be focused and to the point, containing between 600–800 words specific to the table of content items, excluding references.

Please make sure to show your work. Ensure that your documents address the criteria of the rubric and follow the stated requirements.

Estimating Project Costs

Provided the pros and cons of using expert judgment when estimating the cost for this project.

Indicated which experts Jacqueline should contact. Detailed the type of information Jacqueline is seeking related to costs. 15 points

Explained how Jacqueline can use analogous estimating given her previous work experience. 10 points

Discussed the value of using three-point estimating for this app project. Selected three activities where this technique can be used. Performed the calculations correctly and found the following estimates: optimistic, most likely, and pessimistic. 10 points

Of these two estimating techniques, parametric and bottom-up, which one do you think might be of most value to Jacqueline’s team? Please justify your response. 10 points

Analysis Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation). Submission shows original thought. 5 points

Analysis includes proper classifications, explanations, comparisons, and inferences. 5 points

Critical thinking includes appropriate judgments, conclusions, and assessment based on evaluation and synthesis of information. 5 points

Writing (0-15 points) Grammatical skills are strong with typically less than one error per page. Correct use of APA 6th edition. 5 points

Appropriate to the Assignment, fresh (interesting to read), accurate, (no far-fetched, unsupported comments), precise (say what you mean), clear introduction and conclusion, and concise (not wordy). 5 points

Paper is in 12-point font, and double-spaced with a double space between.

Paper is free of serious errors; grammar, punctuation, and spelling help to clarify the meaning by following accepted conventions.

At least three scholarly journal and textbook sources are cited and referenced in APA 6th edition format.

Content is between 600–800 words specific to the table of content items (excluding references). 5 points

Total 75


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