Question 1. Question : (TCO B) Good project cost estimations are critical to a successful project. With that in mind, compare and contrast parametric estimating and vendor bid analysis as cost estimation techniques on a project. Please provide an example of each. 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. Question 2. …show more content…
Instructor Explanation: WBS Code / Activity 0.0 Environmental clean-up project 1.0 or 1.1 Design 1.1 or 1.1.1 Alternative evaluation 1.2 or 1.1.2 Conceptual design 1.3 or 1.1.3 Pilot test 1.4 or 1.1.4 Final design 2.0 or 1.2 Subcontracting 2.1 or 1.2.1 Specifications 2.3 or 1.2.3 Contractor selection 2.4 or 1.2.4 Contract execution 3.0 or 1.3 Installation 3.1 or 1.3.1 Recovery well 3.2 or 1.3.2 Piping 3.3 or 1.3.3 Treatment equipment 3.4 or 1.3.4 Start-up 4.0 or 1.4 Performance monitoring 4.1 or 1.4.1 Discharge sampling 4.2 or 1.4.2 Monitoring well sampling WBS numbering on the left is traditional. Numbering the right is MS Project WBS numbering. The students can use either system. Question 3. Question : (TCO E) You are assisting on a project for your organization. An RACI has been created for your project. Your project manager has asked you to interpret the below RACI. Project Name: New marketing campaign RACI Activity PM IT Market Test Group Marketing Sponsor Account Manager 1.1.1 Create new layout A R R C 2.1.1 Design campaign A R 3.1.1 Test market R A 4.1.1 Roll out campaign R I A Instructor Explanation: For activity 1.1.1: Marketing and IT are to do the work, and the PM is accountable for the results. The account manager is to be consulted. For activity 2.1.1: Marketing is to do the work and the PM is
Based on the above income statement data (assume interest income is zero), the company's interest coverage ratio is
The answer can be found in the section “Republicanism and the Basis of Representative Democracy.”
Which of the following is protocol used to enable communication securely between points on a Virtual Private Network (VPN)?
The Social Model of disability came about through the disability movement and other organisation campaigning for equal rights, opportunities and choices for disabled people. The social model of disability recognises that any problem of disability are created by society and its institution and that The Discrimination Acts are tools to help to improve the response of society to disability, also a wheel chair user is not hampered by their disability but by lack of adequate access to buildings. The social model may impact upon our practise as we would provide inclusive environments as a starting point for all children. The Scope website stated ‘The social model of disability says that disability is caused by the way
Complete the sentences by circling the correct answers. 1. __________ Mr. Roberts _______________ to Lisbon on Monday? a. Do/fly b. Did/flown c. Did/fly d. Did/flew 2. Ms. Patel _______________ her secretary to the meeting last week.
What is the probability of rolling a four in the gambling dice game of craps (given two six sided dice)? 3/36 or 8.33%. What is the probability that a player can roll a four 3 times in a row (assume that rolling the dice each time does not affect the outcome of the next roll)? 3/36 x 3/36 x 3/36 = 27/46656 = 3/5184
| a) Crash cost of A = (600-300)/(5-3) = $150; Crash Cost of B = (450-250)/(3-2) = $200; Crash Cost of C = (500-400)/(6-4) = $50; Crash Cost of D = (400-150)/(5-3) = $125 b) As per the above schedule, the activities on the
The general manager of the grocery store Wegmans in Canandaigua, NY, wants to know the average (typical) amount of time it takes for a customer to check out of his grocery store. Last Saturday between the hours of 8 am and noon the manager, along with a team of helpers, measured the amount of time it took the first 200 customers to check out at each of its open registers. The helpers recorded the time (in minutes) using a stop watch, starting when a customer first arrived at a line and ending when they had paid and received their receipt. The average time for the sample was 6.5 minutes.
I deserve the extra ten points on my semester grade average, because I have been working so hard these last past twelve years of school. I am finally at my senior year and this seems to be stopping me from getting my GPA higher and apparently now stopping my graduation. I need to pass English three because in order for me to move on to the next level of my education which is college I have to complete this class and it's the only problem causing my mother to second guess if she should even have to pay for my cap and gown yet, order my senior ring and get my pictures done because of just this class that's leading to my failure. I am doubled up in Englishs, I am taking English four and three, not because I failed last year because I am skipping
The concept of time value of money is accounting is the relationship between time and money (Kieso, Wygandt, & Warfield, 2007). The common expression is that money today is worth more than the assurance of money received tomorrow. The reason for this saying is the investment opportunities and borrowing options. Understanding how to compare present and future values of money and learning how to use the different time values of money is important in accounting and the different users of accounting.
Selecting or rejecting the project proposal can affect the project in terms of its effectiveness and value. Whether you accept or deny the vendor 's proposal will have an impact on the project speed, position of project, budget, schedule and resources etc. (Levin, 2010). The selection of vendor proposal would increase the cost of the project by $25, 000 and would
The need for timely and accurate technical and cost or price evaluations and determinations of price reasonableness of multi-billion dollars bids is a critical part of the public sector procurement process. To determine what is involved, this paper provides a review of the relevant literature concerning the need for technical evaluations and factors to be used in determining the competitive range. An outline of the final evaluation report is followed by a discussion concerning which factors should be used when evaluating price reasonableness. Finally, an examination of different methods of price analysis and a determination of which price analysis method would be best suited for this project is followed by a summary of the research and important findings concerning these issues in the conclusion.
See pages 265-270 for a detailed example of creating a cost estimate for the Surveyor Pro project described in the opening case
Construction projects contain a high level of complicated procurement processes. Not only the revenue or profit is critical in the construction industry, but market intelligence and construction procurement knowledge are also important. The bidding process in the construction industry is illustrated by many different involved parties including the architectural and engineering firms, client, general contractors, material suppliers, specialized contractors, manufacturers, etc. (Halaris, 2001). Preparing proposed documents, appraising bids, and awarding the contract to the winner of the bid are among the major duties of the client (Gokhan et al, 2006).
This White paper titled “ Cost Estimation in Ship Building Industry ” explore an overview of Cost Estimation application developed for Ship building Projects for a Client. Projects like Ship building involve heavy expenditure, Time, and labor. An incorrect estimate can result in deliverable of a wrong quotation that may further result in making the project a non profitable one or it can affect the bidding process. This white paper provides the functional over view of a Cost Estimate application.