Give your opinion on already posted responses.
I’m studying for my Management class and don’t understand how to answer this. Can you help me study?
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There are couple of responses posted below . Please read both of them and give your opinion on them separately.
Read Response-1 and Response-2 below and give your opinion on BOTH responses separately. your answer should be supported with research unless the question is opinion oriented.. Responses to discussions below should not be “I agree” or “I like the way you stated that.” These responses should again be insightful, offering an opinion or facts based on your research and experiences. The opinion to both responses should be a minimum of 200 words each . See APA criteria for citing resources.
The below responses are of individuals who did case study “The Estimating Problem” on page 734 and then answer the questions on page 735.
“text book attached “
Three-Point Estimate is generally called the Project Evaluation & Review Technique. This was weighing as optimistic and negative as fourfold the measure of as the other two evaluations. Assessing the immense system for surveying in three-point is the time and cost of the extensive number of errands in the endeavor that are particularly undeniable.
To give the three-point measure, separate the endeavor into a task rundown and certification that each work structure breakdown(WBS) is recognized. This was generally a phased program where we can work personally with our associates.
Generally called top-down estimation is analogy estimate. This was used chiefly for the assignment’s time term procedure. Assessing analogy generally enables adventure bosses to look at progressively prepared errands and present exercises and estimate the length of the endeavor.
Answer – 2:
In a case in an errand there are different estimates, from the begin, the endeavor chief should ground all of the estimates, by setting up all of the estimates adventure bosses will improve information and can use all of the estimates as demonstrated by their essentials. Exact assessing for all of the errands on all sizes is a noteworthy trial to all the endeavor administrators. All the past endeavors and surveying strategies for the association will help the assignment boss to choose the decisions precisely. Errand accomplices and associates who are explicit to that divisions can help the endeavor managers to make Accurate estimation for the exercises.
Answer – 3
As shown by the Case Study on the off chance that I am a project manager I would in a perfect world go for the Analogy check. This will overwhelmingly help for all the project managers to measure cost length of the projects, with the help of past or practically identical activities of projects on all stray pieces of assessing for present or future projects. This was generally used in case we don’t contemplate the project and the project resembles various projects
How many different estimating techniques were discussed in the case?
As per the case study, there are mainly two estimating techniques discussed:
- Three-Point Estimate- The three-point gauge is probably the most straightforward method since it cannot just enormously increment the exactness of project gauges, yet the whole methodology likewise makes it simpler for more than one expert to give their info. It’s like base up evaluating however progressively exact and can all the more likely be utilized at a high state too.
- Analogous Estimate- Analogous estimate utilizes at least one comparative past project to appraise the span or cost of your present assignment. This is utilized when there is constrained data with respect to the project to be arranged. A comparable to gauge is considered “top-down” and is by and large not as exact as other assessing procedures whenever utilized exclusively.
If each estimate is different, how does a project manager decide that one estimate is better than another?
If each estimate is different than the project manager should go around all estimate and analyze them. The project manager should continuously gather all information about the project. Manager can review the old project with the same estimate results, so he can create an assumption towards the right result. All previous techniques will help the manager to decide the estimate. The project team and other co-helper should involve in this decision and help the manager to go on the right decision.
If you were the project manager, which estimate would you use?
After reading the case study, if I would be a project manager, I would go for an analogous estimate. This estimate help manager to analyze the cost of the project and compare the project from the previous project. This comparison helps the project manager to check old mistakes that won’t follow into this project and improve estimate for future projects. But the drawback of this estimate is not to help into the innovative project because it depends on the old project with the same diagnosis.
Rawlings, P. (1999). Project risk management – tools and techniques. IEE Colloquium. Risk Management in Engineering Projects. doi:10.1049/ic:19990174
Lientz, B. P. (2013). Project Methods and Tools. Project Management, 365-375. doi:10.1007/978-1-137-28502-7_26