Explain the factors that can affect cost estimate quality Project Estimating Technique Paper

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Review Ch. 5 of Project Management: The Managerial Process and the Week 1 ERR articles located under the “Project Estimation,” “Project Scope,” and “Project Risk Analysis” topic headers.

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Write a 350- to 700-word paper that briefly explains the following:

  • Explain the factors that can affect cost estimate quality.

  • Explain the difference between top-down and bottom-up estimates including when each would be used.

  • Explain the methods for estimating project costs.

  • Explain the types of costs.

    Format your paper consistent with APA guidelines.

Reference Materials;

Larson, E. W. & Gray, C. F. (2014). Project management: The managerial process (6th ed.). New York, NY: McGraw-Hill.

Week 1 ERR

Project Estimation

Readings:

  • Armour, P. G. (2012). The Goldilocks estimate. Communications of the ACM, 55(10), 24-25.

  • Doloi, H. K. (2011). Understanding stakeholders’ perspective of cost estmation in project management. International Journal of Project Management, 29(5), 622-636.

  • Kern, H. (2010). Are estimating methods hurting U.S. energy projects? Power Engineering, 114(7), 56-60.

  • Swanson, S. A. (2011). Estimating errors. PM Network, 25(10), 62-67.

    Project Risk Analysis

    Readings:

  • Project risk analysis or project risk assessment. (2009). Business: The Ultimate Resource, n/a.

  • Besner, C., & Hobbs, B. (2008). The paradox of risk management; a project management practice perspective. International Journal of Managing Projects in Business, 5(2), 230-247.

  • Bodea, C. N., & Purnus, A. (2012). Project risk simulation methods – a comparative analysis. Management & Marketing, 7(4), 565-580.

  • KuÅ¡ar, J., Rihar, L., Žargi, U., & Starbek, M. (2013). Extended risk-analysis model for activities of the project. Springer Open Journal, n/a.

  • Sanchez, H., Benoit, R., Bourgault, M., & Pellerin, R. (2009). Risk management applied to projects, programs, and portfolios. International Journal of Managing Projects in Business, 2(1), 14-35.

  • Stoica, C. M., & Constantin, B. (2012). The assessment of risks that threaten a project. Economy Transdisciplinary Cognition, 15(2), 153-163.

  • Thamhain, H. (2013). Managing risks in complex projects. Project Management Journal, 44(2), 20-35.

  • Zhang, H. (2011). Two schools of risk analysis: A review of past research on project risk. Project Management Journal, 42(4), 5-18.

    Project Scope

    Readings:

  • DeReyck, B. (2010). Effective project planning: Making the most of project planning tools. Production and Inventory Management Journal, 46(2), 10-25.

  • Steinbrecher, C. (2010, July 6). Commentary: Keeping your project scope under control. The Idaho Business Review, n/a.

 

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