Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Any project's success hinges on accurate cost assessment. Explain the various tools and approaches that are used in the cost estimate process.
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- Discuss the importance of regular cost re-evaluation and its impact on project budget and scope.arrow_forwardThe procurement of products and services is crucial to project management, as it provides the resources needed to implement the project plan. This is the perfect time to go through how the procurement process works in the public and private sectors, and how it differs.arrow_forwardRefer to exercise #6 (page 54) in your textbook. Given the information in that exercise, which one should be Broken Arrow's first priority (you must include values for NPV/ROR/ROI and/or other information used to finalize your decision)? Calculate NPV for the project with first/highest priority. What is the maximum investment level for the project with the lowest priority that will lead to the same NPV as that for the project with first/highest priority (assume that the revenue stream does not change for that project)? Hint: You may use Excel's goal seek method (shown in the Chapter2_help file) to find the unknown investment value in year 0, given known revenue stream, final NPV value known from the project with highest priority, and rate of return (ROR) as 20%. Note: You must include values for NPV/ROR/ROI and/or other information used to finalize your priority. Answers provided without quantitative reasons will receive zero credits. Use the editor to format your answerarrow_forward
- Based on the Mt. Kumar Road project in Grenada, critically assess in paragraph format whether or not the project was successful from the following viewpoints: a. Were the client(s) and/or users satisfied with the final project outcome(s)?b. Was the project completed on time, within scope, and on budget?c. Was the desired value or benefit realized for the organization?d. Did the project leadership demonstrate a broad commitment to financial, social, and environmental impacts of the projects?arrow_forwardProvide a marketing plan that outlines the strategy, tactics, target audience for a project to promote an asset after completion.arrow_forwardWhy are accurate estimates critical to effective project management?arrow_forward
- Explain how earned value management (EVM) may control costs and monitor project success and hypothesise why it is not utilised more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?arrow_forwardWhat are the interplay between the project components (Cost, time, scope, and quality) and the significance to project performance and sustainabilityarrow_forwardThe chart below shows the initial investment and expected yearly payback for Project A and Project B Project A Project B Initial Investment $ 300,000 $ 450,000 Expected Yearly PayBack $ 45,000 $ 90,000 For Project A, There has been a change in the expected yearly payback. Years 1 and 2 – you are expecting $45,000 each year. For the next three years, you are expecting $70,000 each year. What would be the average ROI for this alternative?arrow_forward
- Explain how earned value management (EVM) may control costs and monitor project success and hypothesize why it is not utilized more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?arrow_forwardThe agreed-upon cost for the base doll and fabric is $3 for each of the 5,000 dolls. Target profit is 10% of the total target cost. Any cost savings will be shared equally between you and the supplier. Assuming the supplier delivered all materials on time and in good quality at a final project cost of $12,000. How much do you pay the supplier?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_forward
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