Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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How might the inclusion of contingency funds or buffers affect a project's cost estimation accuracy?
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- You are conducting a small IT project. The duration of this project is 30 days, and you have allocated $60,000 for it. Your manager asked you to check how the project is doing financially at the end of day 25. You have spent $40,000 and completed 95% of the work. Calculate the following values for the project so far. The cost variance (CV). The cost performance index (CPI). How is the project doing, is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?arrow_forwardAny project's success hinges on accurate cost assessment. Explain the various tools and approaches that are used in the cost estimate process.arrow_forwardYou are conducting a small IT project. The duration of this project is 30 days, and you have allocated $60,000 for it. Your manager asked you to check how the project is doing financially at the end of day 25. You have spent $40,000 and completed 95% of the work. Calculate the following values for the project so far. The cost variance (CV). The cost performance index (CPI). How is the project doing, is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?arrow_forward
- Must some projects continue NO MATTER WHAT the cost?arrow_forwardIn what ways can underestimation or overestimation of costs impact a software project's success?arrow_forwardWhat are the benefits and drawbacks of using a pre-existing model as a jumping off point for a project, as opposed to starting from scratch?arrow_forward
- Why are accurate estimates critical to effective project management?arrow_forwardFlyUs Airlines is unhappy with the number of empty seats onits New York to Philadelphia flight. To remedy the problem,the airline is offering a special discounted rate of $89 insteadof the normal $169, but only for 7-day advance purchasesand for a limited number of seats per flight. The aircraftflown from NY to Philly holds 100 passengers. Last month’sdistribution of full-fare passengers is shown below. Howmany seats should FlyUs reserve for full-fare passengers?arrow_forwardWhat are the benefits of providing excellent project reports and communications?arrow_forward
- The project title is Developing a mobile health application for Diabetes Management. To what extent does the project portfolio process guide the strategy process in your selected project? In your selected project, is project management different from functional management? Why or why not? Is the role of a project manager different from that of a functional manager? Why or why not? Is your project independent of program management? Why or why not?arrow_forwardMost projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project. true or false?arrow_forwardSelect a project based on the definition "A project is a temporary endeavor undertaken to create a unique product, service, or result" What project have you selected? Explain. Provide reasons for selecting the project. What kind of organization or industry does your selected project belongs to? How does the project you selected fit the definition of a project? Is your selected project constrained by performance, cost, or schedule? Why or why not?arrow_forward
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