E. All choices are 15-John is putting together his budget for the project and as part of this process, he is actively discussing and soliciting estimates from each member of the project team for the overall budget. He presents his budget to senior management and Susan rejects it. stating. "Team members are always going to pad their estimates. I will give you the figure I want you to shoot for." Susan is employing what method for project cost budgeting?
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- Evaluate the below statement according to the project management terminologies and choose the correct answer: It is the process of making a forecast or precise approximation Choose... of time and cost associated with a work package or activity. Graphically describes a project consisting of well-defined Choose.. activities, the completion of which marks its end. One of the Perform Quantitative Risk Analysis process has a Choose.. Tools and Techniques. Useful for building accountability through assigning specific Choose.. tasks to team members. It is the standard format each path through the network must be continuous with no gaps, discontinuities, or dangling Choose... activities. Organizational Assets, Project Scope Statement, Cost Management Plan and Schedule Management Plan are inputs Choose.. of: Choose... Work Breakdown Structure Expert Judgment Bar chart Estimating A horizontal diagram format Plan Risk ManagementProjected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?Assume Bangladesh National Cricket Team needs to find a new head coach for the team. The cricket team’spresent and the future success largely depends on the formulations and implantation of the plans laid by thehead coach. The cricket board has given you the responsibility to prepare the job responsibilities of the newhead coach. You need to pinpoint very carefully which tasks he is supposed to do, as you also need to identifywhich skills and qualifications he must possess to do those required tasks smoothly. Prepare the job descriptionand job specification for the position of “Head Coach” of Bangladesh Cricket Team.
- 2. Describe the four characteristics of a reliable cost estimate. 3. Explain the importance of cost estimates in project budgets.You have been assigned as a Project Manager in your Company. Your Sponsor wants Project Budget to be ready in 2 weeks. You are working with your team to estimate costs. However, your team does not know what tools and techniques they can use. Explain all the tools and techniques that you could use with your team.(12) Cost budgeting can be best described by which of the following? A The process of developing the future trends along with the assessment of proba bilities, uncertainties, and inflation that could occur during the project B. The process of assembling and predicting costs of a project over its life cycle C. The process of establishing budgets, standards, and a monitoring system by whi ch the investment cost of the project can be measured and managed D. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis (13) The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline is called A Determine Budget B. Control Costs C. Estimate Costs D. Plan Cost Manag ement (14) Cost Variance (CV) is which of the following equations? A CV = EV - PV B. CV = EV - AC C. CV = EV / AC D. A and c (15) To assist in budget control, it is suggested that an estimate be created at the level of the…
- Why do you think John was hesitant to quote an exact price during the first meeting?1.2 Why did Ken need an indication of the cost for the total project before he could start theproject? 1.3 Was it a good idea to sign a contract for all construction work rather than to break it up intoseparate phases (with separate contracts) for different parts of the construction work? 1.4 Why would John require milestone payments during the construction phase rather than asingle payment once the construction has been completed? 1.5 What assurance would Ken have if he discovered during the guarantee period that the roofleaks when it rains?. Q3: Answer A or B A\ Answer the following 1- A represents Hierarchical Breakdown of a Project in to element. 2- Resources are different than Expenses 3- A hierarchical structure that identifies the company-wide projects and enables organizing and management of those projects by means or subdivision or level is: 4- How many types of reports we have in Primavera 5- The finish of the successor activity depends on the finish of the predecessor activity is referred as B\ Correct the answer 1- Ponds is the base currency by default in Primavera 2- WBS is a Set of codes to organize the project in the EPS in groups according to specific categories 3- Activity tab used to apply constraints, select an activity and select the 4- The E.P.S usually reflects the management structure of your Organization 5-A resource is the project personal job titles or skills, such as mechanical engineer, inspector or CarpenterIn your role as project leader for the organization's involvement in the annual United Way campaign, you have planned a party to mark the end of the fundraising initiative. What must you do to ensure the party is developed successfully? Thank people for attending the party for the United Way initiative. O Include the party in the planning document for the United Way initiative. Send out a calendar invite so the party appears on everyone's schedule. Reserve the room where the party will be held.
- In project management, a number of tools are required to ensure effective cost management. You are required to explain how you will employ expert judgement as one of the cost management tools on aproject you have been tasked to manage.Do make sure you answer all the three as I am aware of your guidelines and also, all the questions lies under the same concept, thank you in advance. A. Identify the three major criteria (trade-offs) a project manager must consider in establishing priorities in project management. List the three criteria and explain one of them. B. identify two conditions to choose between the Top-down and Bottom-up approaches to estimate time and cost of projects. C. Identify two sources of risks, a good project manager should take into consideration in preparation for project management.The following precedence diagram reflects three time estimates for each activity. Determine: Use Table B1 and Table B2. 9-10-12 3 8 5-7-10 8-10-14 11-12-13 6 11 14-18-26 10.5-13-15.5 10 8-8-8 1 5-6-7 2 4 13-13-13 7 7-10-12 a. The expected completion time for each path and its variance. (Round intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Path Mean Var. Std. Dev. 1-2-3-8-11 37.33 1-2-4-6-11 43.00 5.11 1-2-4-7-11 0.81 1-2-5-9-10-11 46.83 1.25 9-9-9 10-11-12 10-12-14