Your company has seen important internal projects go off course during execution. After-the-fact analysis has revealed that the common factors are inadequate budget controls and inconsistencies in budget estimation. Senior management now believes that developing and integrating a set of standard control processes for both planning and execution will raise success rates.
As a group, decide who will take the following topics:
- Expert judgment
- Analogous estimating
- Bottom-up estimating
- Parametric estimating
Using the online library, Internet, and all course materials, research your topic on the techniques used for project cost estimation, budget planning, and establishing cost baselines.
Write a 1-page summary on your topic, and be prepared to discuss during your group discussion.
As a group, discuss your findings on the techniques.
The bottom-up estimation entails compiling a work breakdown structure (WBS). Work with your small group to complete the following:
- Compile a step-by-step method for creating the work breakdown structure (WBS).
- Provide the detailed scope definition, project schedule, and project budget.
- Give special attention to the time management processes.
- Use a hypothetical project to illustrate your group’s understanding of the WBS.
Create a 5–8-page report that includes the following:
- The individual summary topics
- The step-by-step method for creating the WBS
- A detailed scope definition, project schedule, and project budget
- Be sure to provide the time management processes.
- A reference page with all of your citations
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