Answered: How do you account for potential…

How do you account for potential technological advancements when estimating costs for a project that spans multiple years?

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

See similar textbooks

Related questions

Q: You are charged with choosing a vendor to produce a new software that is going to benefit your…

A: a), b), c), d) Please follow the excel sheet. All solutions are there.

Q: The con to estimate the types and quantities of resources required to perform each activity. These…

A: Day 1:Requirements: 1 painter (bedrooms) + 1 painter (basements) + 2 painters (first floor) = 4Day…

Q: Why estimating time and cost is important to the project. What you think is difficult about…

A: Estimating time and cost is important to the project -- There are mainly 3 things conventional…

Q: Search the internet for a project that developed information systems and experienced cost overruns.…

A: Developed Information Systems: Information systems development (ISD) is the process that, via…

Q: What exactly is the difference between operational expenditures and capital costs?

A: Operational expenditures (OPEX) and capital costs are two distinct categories of expenses that…

Q: Two techniques for reducing rework expenses should be provided. Consider the need of progressive…

A: Here is your solution -

Q: An IT project's ROM, budgeted, and final cost estimates should be given examples on when to develop…

A: Given that: Give instances where you would create budgeting, final, and rough order of magnitude…

Q: If the Project size is increased productivity is ______? increase decrease Constant change

A: Project is the combination of process to build or make a product or service. It includes all the…

Q: If you are a developer of software, how can you determine an accurate cost estimate for the project…

A: As a software developer, determining an accurate cost estimate for a project is a crucial task to…

Q: Exactly what is the function of cost accounting in the management of projects?

A: Introduction: Management of projects refers to putting together the necessary resources to ensure…

Q: When calculating the NPV of a project, the time value of money is an important consideration. Is the…

A: Time value of money: If the discount rate is more significant, it is preferable to pay future…

Q: The independent project estimates below have been developed by the engineering and finance managers.…

A: The net present value is one of the capital budgeting techniques which can be used to evaluate…

Q: look at a few different ways of calculating costs?

A: 1) Unit Costing - This is the costing method utilised by businesses that manufacture just one…

Q: Assuming that an organization presently lacks the expertise required to make a project technically…

A: Given: Assuming that an organization presently lacks the expertise required to make a project…

Q: The extent to which a project is viewed as improving profits, customer service, and so forth, and…

Q: Use Critical Path Method to estimate in how many weeks the project below will be submitted and find…

A: To find the critical path we will have to first draw the network diagram of the project. So, below…

Q: Please explain the distinction between capital and operating costs, and describe and define capital…

A: The terms "capital costs" and "operational expenses" need to be defined, and we also need to…

Q: Capital costs vs. operating expenses: what's the difference?

A: Capital costs and operating expenses are two categories of costs that businesses incur in their…

Q: What is the difference between capital costs and operational expenses?

A: In the realm of financial management, it is crucial to understand the distinction between capital…

Q: Explain in detail about various methods for assessing Project Feasibility Please give me unique…

A: Assessing the feasibility of a project is a crucial step in determining whether a project is worth…

Q: An IT project's ROM, budgeted, and final cost estimates should be given examples on when to develop…

A: ROM refers to an initial cost estimate for a project or component in the "rough order of magnitude"…

Q: Search the internet for a project that developed information systems and experienced cost overruns.…

A: Developed Information Systems: Information systems development (ISD) is the process that, via…

Q: **Exercise 3. The URL above shows you a commonly used list of stop words of English. Extend the code…

A: The рrосess оf соnverting dаtа tо sоmething а соmрuter саn understаnd is referred tо…

Q: A well-reputed educational Institute has hired you as a project manager for development of their…

A: I have been hired as a project manager for development of the online examination system .The…

Q: project network activities and duration

A: Critical Path: In Project management, Critical path is defined as the longest sequence of project…

Q: Assuming the average productivity for similar project is 6 FP/person-month and cost is 1,760$ per…

A: Answer: Given Project =6 FP/person Cost =1760$ per FP

Q: What's the difference between capital expenditures and operational expenditures?

A: Capital expenditures (CapEx) and operational expenditures (OpEx) are two distinct categories of…

Q: The time value of money is a key factor to take into account when determining a project's net…

A: Introduction: Regarding the concept of time value of money, it is common knowledge that in the event…

Q: A ____ 2 3 4 B…

Q: Even the simplest projects may benefit from using the Spiral Model for planning and management…

A: Introduction: The spiral model, which is used for risk management in the systems development life-…

Q: Table that fulfills the function of relating each project requirement to the deliverable that…

A: The Project Requirements Traceability Matrix (PRTM) is a fundamental tool in project management that…

Q: feasibility study

A: An essential first step in the software development process, a feasibility study greatly aids in…

Q: Use one requirement gathering technique to help clarify your proposed PM project (described in your…

A: Brainstorming Document Analysis Focus Group Interface analysis Interview Observation…

Q: A relocation ticket's worth in the cost accounting department should be assessed.

Q: What challenges arise when trying to estimate costs for large-scale, multi-year projects?

A: Estimating costs for large-scale, multi-year projects is a complex endeavor that involves numerous…

Q: Explain the concept of "Requirement Volatility" and how it can impact project timelines and budgets.…

A: Requirement volatility refers to the nature of project requirements, throughout the lifecycle of a…

Q: Why estimating time and cost is critical. What you find problematic about project time estimation.…

A: Estimating time and cost is important to the project: Cost estimating enables you to do what you…

Q: A Hospital Management System Development Project has a budgeted cost of Rs. 22,700,000/-. The…

A: A Hospital Management System Development Project has a budgeted cost of Rs. 22,700,000/-. The…

Q: describe

A: Answer: A feasibility study, as the name indicates, is used to assess the viability of an idea, such…

Concept explainers

Software cost estimation

In software engineering, cost estimation defines the calculation of the amount spent on software development and testing. This includes maintenance, managing, buying equipment, user requirement reviews, software, training, and servers. Many methods are developed to estimate the software project cost. Software cost estimation has a major impact on planning and managing a project. The software cost estimation has three estimates like project duration(time), effort(person-month), and cost(dollars).

Question

How do you account for potential technological advancements when estimating costs for a project that spans multiple years?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Step 1

VIEW

Step 2: Step 2

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.

Similar questions

Justify the use of Earned Value Management (EVM) to control costs and monitor project progress, and hypothesis as to why it is not used more often. For example, what are some general rules of thumb for deciding whether or not a cost fluctuation, a schedule variation is positive or negative?
Software Project Management ( Question - 1) ============================= True Or False ===========
Project management
1. Project manager Peter is currently executing a new phone system installation project. The project has a budget of $3,000 and a duration of 11 months total. Peter just completed the 8th month of the project. The project team has completed 90% of the project work and has spent $2,900. Summary: Budget:.. Duration: Now:.... Completed: . Total Spent: Find the following values: BAC : PV : CV: EAC : CPI : ETC : 90% $3,000 11 months 8th month completed $2,900 EV: SV: VAC : Based on the above values, comment on the project status (. AC: SPI : TCPI :
Given the following information for a one-year IT project of Gulf Hospital System, answer the following questions. Recall that PV is the planned value, EV is the earned value, and AC is the actual cost. PV = $ 32,000 EV = $ 25,000 AC = $ 36,000 Calculate the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the given project. Justify the results.
The time estimates (in hours) for the activities of a PERT network are given below: a) Draw the project network b) Calculate standard deviation and variance of the project length(c) What is the percentage of confidence that the project will complete at least 4 weeks earlier thenexpected time
Include a summary of your proposed allocation of resources (both human and monetary) to each task in the WBS.
Use either a top-down or a bottom-up approach to determine the overall cost of the project and discuss the approach used.
Project 1: Water Treatment Plant Upgrade Valued over $60 million Needs to be coordinated with other plant improvement projects and the regular maintenance schedule for the plant Project 2: Pump replacement project Valued at $350,000 In a lift station Based on your learning's about the types of scheduling software available, submit a document that answers the following question: What software would you recommend for each project? Why would you use recommend this software?
Please do it in excel
The time value of money is a key factor to take into account when determining a project's net present value (NPV). Is the time value of money just as important during times of low inflation as it is during times of high inflation? Describe your reaction.