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following questions

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Provide responses to the following questions

1. You are providing a review of contractor bids for a component of your upcoming project.  What can be done to determine whether or not a vendor’s bid is reasonable?

Ans: To estimate whether the contractor’s bid is reasonable or not:

· The bid must affirm to all terms and conditions of the contract

· The bid must have a time period associated with it

· The bid must adhere to the legal formatting

· The bid must be fair and transparent

· The contractor is eligible to bid for the contract

2. Describe the conditions for which parametric, analogous and bottom up estimation techniques work best, and provide 2 examples in support of each method.

Ans: The conditions for which parametric, analogous and bottom up estimation techniques work best are:

· Analogous comparison is based on the past performance of the company and works on the history data.

1. A project needs to be undertaken where a similar project has been done in the past

2. A project which requires a high amount of reliance on the past performance of the company

· Parametric technique incorporates both historic as well as mathematical data.

1. From past experience, you know that the system takes 4 days to complete. You employ 3 more servers. So the project completion time reduces to its 25%

2. The project in which the mathematical analysis needs to be conducted on the past data

· Bottom up estimation: Also known as WBS approach, requires breaking a comple problem into simpler units

1. When the project scope is vast and so braking up the process is essential

2. Project requiring the highest level of accuracy

3. Why is a cost management plan important?  How does the plan benefit the project manager?

Ans: Cost management plan is important for keeping a track on the project budget and check for deviations. A project manager can use the cost management plan to address any kind of risks percolating in the project. The expenses of the project can be easily tracked with the help of the cost management plan.

http://www.cvc.nic.in/sites/default/files/3%20Tender%20Stage.pdf

Estimation: Which Technique To Use

Part 2 Budget Estimating (30 points)

Using the same scenario from the previous unit on scheduling, create a time-phased budget for the following project.  Prepare a figure like Exhibit 10.9, CPT 4e, that illustrates the daily and cumulative costs for the resource-leveled project.

Assume the following hourly rates:

Alcides $45 / hr.

Joan $50 / hr.

 

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following questions was first posted on September 6, 2019 at 1:15 pm.
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