Estimation And Reserve Analysis

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Estimating Activity Duration In order to utilize CPM and PDM, the project manager must estimate the duration of each activity. This is accomplished by exercising different methods of approximating the time to complete the activity. Analogous estimating exercises historical information from previous project to base the duration of a specific activity (PMI, 2013). Parametric estimates are calculated by the application of statistical information to appraise the approximate duration of an activity (Vaidyanathan, 2013). Three-point estimations utilize the most likely, optimistic, and pessimistic duration times to calculate a duration time by adding all three times together and dividing by three (PMI, 2013). Reserve analysis integrates contingency …show more content…
Resources encompasses equipment, materials, staff, and facilities that are essential in implementing each work package (Vaidyanathan, 2013). Utilizing the WBS, duration of each activity, and historical information with similar projects, the project manager can create a resource breakdown structure for the endeavor (Vaidyanathan, 2013). A resource breakdown structure is a hierarchal depiction of the resources that are required within a project, categorized by type and classification (PMI, 2013). This structure provides an organized system to account and monitor all the resources within the …show more content…
Corporate communication centers on the company’s values and reputation, and the business’ ability to correspond with internal and external stakeholders (Mazzei, 2014). “Leadership must be able to communicate and delegate effectively to get team members involved and keep them motivated to accomplish goals and objectives” (Allen et al., 2014, p. 5). By presenting an objective from upper management, leaders can motivate and inspire team members in establishing the vision of a project (Allen et al., 2014). In order for an organization to be successful, project leaders and upper management must be able to effectively communicate the vison of a project, as well as the company’s goals and

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