Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
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Chapter 5, Problem 2RQ
Summary Introduction
To determine:
The impact on quality of estimates due to culture of organization.
Introduction:
Estimation of any project means predicting the cost, time duration and output of the project adhering with all guidelines for the given project. The estimated cost is an approximate cost for a project, program or for an operation. This cost is calculated on all the given information.
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Students have asked these similar questions
What part does using a balanced scorecard play in maximizing the return on investment that can be made?
Give a brief overview of the preparation process.
(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…
Chapter 5 Solutions
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
Ch. 5.1A - How many labor hours should the eighth satellite...Ch. 5.1A - How many labor hours for the whole project of...Ch. 5.1A - What price would you ask for the project? Why?Ch. 5.1A - Midway through the project your design and...Ch. 5.1A - Near the end of the project, Deutsch Telefon AG...Ch. 5 - Why are accurate estimates critical to effective...Ch. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - What are the major types of costs? Which costs are...Ch. 5 - Why is it difficult to estimate mega project...
Ch. 5 - Define what a white elephant is in project...Ch. 5 - Calculate the direct cost of labor tor a project...Ch. 5 - Mrs. Tolstoy and her husband, Serge, are planning...Ch. 5 - Exercise Figure 5.1 is a project WBS with cost...Ch. 5 - Firewall Project XT. Using the complexity...Ch. 5 - At this point, what would you do if you were the...Ch. 5 - Prob. 5.1.2CCh. 5 - What estimating techniques should be used for a...Ch. 5 - Assume you are either Mike or Josh; how would you...Ch. 5 - Prob. 5.2.2CCh. 5 - After cost, what other factors should be...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- What are the components of work for which every estimator need cost information?arrow_forwardBriefly present to the senior management the limitations of using the weighted scoring model(weighting scheme).arrow_forwardWhat are some of the most important aspects of creating a balanced scorecard and ensuring its success?arrow_forward
- Explain the description of delphi technique and how it would assist an employer in decision making ?arrow_forwardUse any of the information gathering techniques (i.e. Brainstorming) to identify five cost risks associated with a construction project?arrow_forwardIn what ways is it critical to first assess measurement models, and then structural models?arrow_forward
- What factors do you think are important to take into account when considering the feasibility of a particular project for planningarrow_forwardcan you please assist with teh following questions. Assume that your class group has been selected and hired by the FAO to manage this FAO Funded Aquaponics Project described in the article (above). Using expressed and implied information in the article, your project team is required to craft/develop some project documents and plans to help in the overall management of the Aquaponics Project, with specific focus on the components and questions/statements listed below. Groups are allowed to make reasonable assumptions. 7. Develop an initial stakeholder register and outline the communications and engagement strategies for each group of stakeholders (with a minimum of 5 key stakeholders). 5. Create a partial project schedule using a Gantt Chart (with a minimum of 10 tasks).arrow_forwardcan you please assist with teh following questions. Assume that your class group has been selected and hired by the FAO to manage this FAO Funded Aquaponics Project described in the article (above). Using expressed and implied information in the article, your project team is required to craft/develop some project documents and plans to help in the overall management of the Aquaponics Project, with specific focus on the components and questions/statements listed below. Groups are allowed to make reasonable assumptions. 7. Develop an initial stakeholder register and outline the communications and engagement strategies for each group of stakeholders (with a minimum of 5 key stakeholders). 8. Craft a high-level Procurement Management Plan for the project.arrow_forward
- How is quality control of a project different from quality control of a manufacturing process?arrow_forwardWhat are the main challenges and considerations in choosing an appropriate system modeling approach for a specific project?arrow_forwardWhat's an evenly balanced scorecard? What is the main goal?arrow_forward
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