Devry Proj 592 Week 3 Quiz – Latest Essay

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In view of the importance of the budget to project management, this report has prepared the following budget summaries and further illustrates the different types of costs associated within the

This will increase costs, but with the priority of the tasks at hand the benefit trade-off is very impactful to the project at hand.

You are required to provide an evaluation of two proposed projects, both with five year expected lives and identical initial outlays of £110,000. Both projects involve additions to AP Ltd.’s highly successful product range and as a result, the cost of capital on both projects has been set at 12%. The expected cash flows from each project are shown below.

M4) Compare the results of different estimation techniques on the cost for a given work activity in a major project

Since the project I am assigned to is an ongoing project which is approaching the Date of Substantial Completion (on December 1, 2015), the estimation tasks that I have performed is related to change orders that are due to unforeseen site conditions, design errors and omissions, and the City directed changes. For example, I worked with the Project Engineer in charge of the concreting works, to estimate the cost of a change order involving the quantity takeoff for additional #4 steel bars that were required for reinforcement along the utility conduits that were cast in the slab on grade. This exercise familiarized me with cost estimation by creating custom Excel spreadsheets with formulas designed to reflect the various takeoff methods for different

contract phase or baseline changes, affect the performance of these methods (White, 2011). The information from this journal showed different ways of analyzing the data that was available to figure out costs. This showed from the historical stand point of cost estimation. It would have been hard to look at the other two methods such as the top-down or bottom-up. This was a broad basis of projects that had already completed. The top-down method would not work since they are already dealing with finished projects. Top-down projects estimating is done when management needs to look at a project and compare it to prior successes (PMI, 2008). The bottom-up is used more towards the beginning of a project. It is more accurate of the two others that have been discussed but would not have worked in this

The range of the annual cash flow for Project B is $1,100 - $900 = $200

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A good cost planning enable to identify and assess potential risks and ensure project development budget opportunities to the client. Effective risk management strategies can be developed with the cost planning process. Using a standardized list of ‘elements’, costs can be allocated through cost planning. Cost planning allows to keep the costs within the elemental budgets once the cost plan is agreed and finalised. Budget transferring or alternative cost allocation between the elements is allow to deal with design changes within the total

She (and we) will approach the problem in five steps: 1. Determine the relevant cash flows including different possible outcomes. 2. Assess the rough financial viability of the most-likely outcome. 3. Use more sophisticated capital budgeting techniques to evaluate the project. 4. Provide quantitative measures of risks the project faces. 5 Determine how these risks affect the decision to do the project. The Time-Line of a Capital Project The first step in any capital budgeting decision is to list all the relevant cash flows. This is the hardest part of the process since it depends on having a detailed understanding of the business and requires the manager to forecast what will happen with the project in the future. It is also the most important part of the process, since if the cash flows are wrong, measures of the profitability of the project will be wrong too. Many capital projects have a similar structure: An initial investment by a firm, followed by a number of periods of regular cash inflow, followed by a terminal payment that ends the project. Our methods of evaluating projects don’t depend on this structure, but it can be helpful to think of a project this way when determining cash flows in order to be sure that you don’t forget any beginning or ending payments or costs. Nancy’s project has this kind of structure. The plan is for Digital Solutions to use its own software engineers and some temporary contract workers to develop

The first thing we need to consider is the budget. How many people are going to be there and how much we need to spend.

7.0 Budget Estimate and Financial AnalysisA preliminary estimate of the cost for the entire project is $200,000. This includes the hire of a temporary project manager, and the hours used by current employees to work on the project. Project savings comes in the form of reduced health insurance cost due to a healthier workforce that makes fewer claims.

4. During which month of the project are the highest and lowest costs expected to