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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Textbook Question
Chapter 5, Problem 5.2.1C
Assume you are either Mike or Josh; how would you go about making a decision using project management methodology?
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Under what conditions would the top-down approach to estimating project times and costs be the best choice?
In accordance with the decision tree structure that you created, what are the three possible choices that might be used in a project setting? Which strategy, in your view, is the most effective when it comes to gathering data and evaluating options?
What would be the result if all project managers decided to withhold a management reserve? What criteria should be used for determining when a management reserve is necessary?
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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- Why is Project Management's three limitations essential for evaluating success or failure of the project?arrow_forwardHow does goal setting contribute to effective project management within an organization?arrow_forwardHow could story points be used in traditional project management or not?arrow_forward
- Please offer an example of a project that you would manage using either the Spiral Model or the V Model, as well as a brief description of the nature of the project and an explanation as to why you picked that specific management style.arrow_forwardDoes project Resource management is vital for successful project management?arrow_forwardWhen choosing a project management approach, do you prefer the tried-and-true waterfall technique or the more flexible iterative waterfall approach? Do you think we can find a solution to this issue?arrow_forward
- How should a project manager react when he finds inefficiency in the functional lines of a project team? Should executive management become involved? Why or why not? Explain your answers.arrow_forwardExplanation of the Spiral Model and the V Model for Project Management and How They Work.arrow_forwardwhen it come to project management, what are the differences between bottom-up and top-down estimating approaches? Under what conditions would you prefer one over the other?arrow_forward
- How could a project manager adjust the cost of capital (i.e., appropriate discount rate) to increase the likelihood of having his/her project accepted? Is this ethical or financially sound?arrow_forwardDistinguish between the concepts of project and project management using specific instances.arrow_forwardDistinguish between project and project management concepts by citing specific instances of each.arrow_forward
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