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 9, Problem 4E
Given the data and information that follow, compute the total direct cost for each project duration. If the indirect costs for each project duration are $90 (15 time units), $70 (14), $50 (13), $40 (12), and $30 (11), compute the total project cost for each duration. What is the optimum cost-time schedule for the project? What is this cost?
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The project budgeting process involves two steps. The first step is to determine the total
budgeted cost (TBC), which is the aggregate amount of the estimated costs of all the specific
activities to perform and complete a work package or the project.
Review the below Budgeted Cost table for the five (5) working days per activity and calculate the
cumulative total cost (CTC) per each of the five (5) days.
ACTIVITY
A100
B100
C100
D100
E100
F100
G100
H100
DAY 1
R1
R1
DAY 2
R2
R1
R1
DAY 3
R1
R3
R2
DAY 4
R4
Costs are in thousands of rands
R4
R1
R2
R2
DAY 5
R1
R1
R6
ScenarioImagine that you are a project manager responsible for a medical health services project which will benefit low-income earners, the unemployed, and the homeless. The project is quite large and consists of the sourcing and acquisition of medical professionals, medical supplies, and medical establishments to provide the services stipulated by the project charter. The sponsor of the project is the Ministry of Health of the local government of the country that you live in. Where should you begin? How do you decide which medical professionals to choose? What medical supplies are needed and where will you conduct your medical service checks?
Take a look at the medical services project. What selection criteria based on the list of various criteria would you consider to be important for a project of this magnitude?
What are the types of project cost?
explain the relations between the WBS and baseline for project budgeting.
Chapter 9 Solutions
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
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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
- You have been assigned as a Project Manager in your Company. Your Sponsor wants Project Budget to be ready in 2 weeks. You are working with your team to estimate costs. However, your team does not know what tools and techniques they can use. Explain all the tools and techniques that you could use with your team.arrow_forwardFrom the project plan, we that a project has a total budgeted cost of $918,485 and a project completion time of 15 weeks. At the moment, the project has been in a performing stage. At the end of week 6, the project progress report shows that the project has consumed a total of $328,497, the project cumulative earned value is $292,432, and the project schedule performance index is 0.81. What is the value of the cost variance at the end of week 6?arrow_forwardAssume the network and data that follow. Compute the total direct cost for each project duration. If the indirect costs for each project duration are $400 (19-time units), $350 (18), $300 (17), and $250 (16), compute the total project cost for each duration. Plot the total direct, indirect, and project costs for each of these durations on a cost-time graph. What is the optimum cost-time schedule for the project? What does this cost?arrow_forward
- The project manager and project team have one shared goal: to carry out the work of the project for the purpose of meeting the project’s objectives. Every project has a beginning, a middle period during which activities move the project toward completion, and an ending (either successful or unsuccessful). With this regard, Evaluate different phases a project passes through in reaching the end purpose.arrow_forward1)List and explain the phases that mark the life of a project. 2) For each project phase identified in 1(a) above, describe at least four (4) project activities/processes performed in the phase. 3) With the use of a diagram, show (illustrate) the typical levels of uncertainty or project risks associated with each phase and throughout a project. 4) With the use of a diagram, show (illustrate) the typical levels of project staffing related to each phase and throughout a project. 5) For each project phase identified in 1(a) above, identify and describe at least one (1) major deliverable (output) of the phase.arrow_forwardA project manager needs to understand the different costs that a project may incur. Making reference to a project of your choice, critically discuss the different types of project costs involved in the project.arrow_forward
- Describe how project management software may be used to help with project planning.Describe and clarify the situation, as asked.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_forwardThink of a project in which you are currently involved. Describe the objectives, scope, schedule, cost, and any assumptions made for the project. Where are you currently in the project life cycle? Do you feel the project has a realistic schedule? Why or why not? How were resources assigned to the project? Did you agree with the process? Have the assignments been successful? Is anyone currently monitoring the progress of the projects? What is the current status of the project? Have any changes been made to the scope of the project? If so, how were the changes handled? Describe some unexpected circumstances or risks that could impact the success of the project.arrow_forward
- What exactly is a basic project plan?Are all baseline plans the same in terms of content and format? If so, why or why not?arrow_forwardThe project management plan specifies that a predictive development approach has  been selected to produce the project deliverables. Suggest when in the project life cycle will the overall project risk be the lowest and demonstrate how it should be donearrow_forwardPoor budgeting and stakeholder disengagement are two common challenges that project managers face. Both can have a significant impact on the success of a project, so it is important to address them as early as possible.  Based on the above statement, discuss both challenges with examples given either in the manufacturing sector or construction sector. Propose solutions or best practices to tackle both issues by using the project management body of knowledge areas in 6th edition as well as the latest PMBOK 7th edition.arrow_forward
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