Essay on Week 3 Quiz
Instructor Explanation: Both are project estimating tools. Parametric estimating looks at a cost per some metric, such as cost per square foot. Vendor bid analysis evaluates responses to RFP bids to determine the cost estimations for the project. This technique is typically used on projects in which the buyer does not have the time or expertise to determine cost and duration estimates on the project.
Students must provide an estimate of each.
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Question 4. Question : (TCO B) You are the project manager for three projects. You are about to estimate costs for these three projects. Given the below information on each project, recommend an appropriate estimation method and justify your answer for each.
Project A: This project will be a scale-up of a project done last year. All the same processes will be used. The costs for the material and other resources should be scalable based on last year’s costs.
Project B: This project is new to your company. You do not feel confident in estimating the project costs using internal resources. There are other companies that have done this type of work. Yet you still want the most accurate estimates possible.
Project C: The work of this project has not likely been done before by anyone. You are breaking technological barriers in this project. As such, it is imperative you get accurate cost estimates.
Project A: parametric
Project B: vendor bid analysis
Project C: three point
Students must justify each answer.
Question 5. Question : (TCO C) The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to his or her voice! Because this…