Why estimating time and cost is critical.

Q: Explain the project selection criteria available to project manager?

A: Once the corporation receives the blueprints, it can examine a range of variables before settling on…

Q: I wanted to clarify, in which project life cycle we have the preparation phase?  For instance, the…

A: The S-curve illustrates projects that begin slowly to reach their completion. It had a rapid pace of…

Q: What is the definition of inventory management? What are the goals of the project?

A: It controls the organization's stored inventory to avoid stock-outs, which result in higher…

Q: What is meant by the scope of a project? How can the scope of a project be defined?

A: In project management, the scope of a project refers to the clear and detailed definition of all the…

Q: I wanted to clarify, in which project life cycle we have the preparation phase?  For example, the…

A: In order to understand which stage in the project life cycle the production stage falls in, let us…

Q: To help identify risks, what are some questions a project manager could ask when reviewing the…

A: Project Charter refers to stating the coverage, team size, aim and participants in a project. WBS,…

Q: Define risk in the context of projects. What are the main sources of project risk?

A: Risk in the context of a project Risk management is an integral part of just about any…

Q: Describe the many aspects to take into account when funding a project. Consider how project…

A: For any project, funding and funding options play a crucial role in the successful completion of…

Q: Good Project management software provides features helpful in successfully managing the project.…

A: Project management includes the planning and organizing of the resources related to the task or…

Q: What are the four types of project delays and what could be the possible impacts of these delays in…

A: Types of Project Delay :- There are four types of project delays which are classified based on delay…

Q: Explain how project duration estimation affects the project cost.

A: Every company involves in some project at some point of time. The duration varies from company to…

Q: 9.A Sample of EARNED VALUE ANALYSIS The following project is at the end of its 5 week.Find the cost…

A: NOTES:             1.0 CR = (actual progress/scheduled progress) x (budgeted cost/actual cost).…

Q: Use the following information to answer the questions that follow. Some of your project’s activities…

A: Expected Activity time = (Optimistic + 4*Most Likely + Pessimistic ) / 6  Expected time of Activity…

Q: Describe your approach to tracking a project. What kinds of issues would you focus on if you were a…

A: Project management involves the planning and organization of a company's resources to shift a…

Q: Suppose that the crash cost is $10 million, normal cost is $8 million, normal project time is 10…

A: Project crashing is a method used in project management to increase the project time by decreasing…

Q: What is the purpose of software cost estimation in the project management process?

A: Software cost estimation is a important aspect of project management because it helps in determining…

Q: What are the importance of good project planning, some common elements of a project plan document,…

A: Project management team is responsible for successful execution of the project. The team makes sure…

Q: PROJECT IDEA Manufacture of cosmetic products from natural products what is the Market study for…

A: The market study requires elaborate research and determination of the market trends, projected…

Q: Briefly discuss the different phases of a project management and which phase is critical?

A: Project management is usually done in phases to improve control and quality. This implies that a…

Q: Explain why a project manager chose top down estimate over bottom up

A: The upper method is used to take decisions by the firm management.

Q: Outline the importance of the project organisation to have a post-project evaluation  meeting in…

A: Post project evaluation meeting: A meeting held between the project organization and the customer to…

Q: Describe what "prediction" means for forecasting models.

A: Forecasting is the process of predicting the future demand according to the previous data and…

Q: Why is EVM not used more often? Explain how it may be used to control costs and evaluate project…

A: Earned Value Management (EVM) is a potent project management technique that incorporates cost,…

Q: What is the critical path in a project plan?

A: The critical path in project management is one of the most popular techniques to plan and control…

Q: project cost estimating?

A: The purpose of cost estimation is to predict the quantity, cost, and price of the resources required…

Q: istinguish between the Predictive and Iterative life cycle of a project.

A: ANSWER IS AS GIVEN:

Q: Describe how you will go about monitoring a project. If you were a project planner, what problems…

A: It's tough to keep track of a mission. This approach can be used by a project manager to find…

Q: Identify and explian how you will manage : One specific project management risk on a bookstore…

A: There are number of risks which might be faced by a bookstore website. A website must be designed in…

Q: Understand techniques for managing project costs. Describe the techniques mentioned.

A: What is Project Cost Management? Project Cost Management is the method of assessing, budgeting, and…

Q: Why is project evaluation important?

A: Project management is the management knowledge, skills, and different techniques are used to get the…

Q: We are also taking the following steps (as applicable):

A: What is report writing? Essentially, a report is a short, sharp, concise document which is written…

Q: What is the standard deviation of the project completion time? 1.67 1.78 2.78 3.17

A: Below is the solution:-