Analogous Estimating
Analogous estimation utilizes similar past projects for cost estimation of the current projects. It is found that the experience of the project manager as well as team member is generally applied within the estimating procedure, it is considered as one of the combinations of historical information as well as expert judgement (Kang et al. 2017).
Parametric estimation is considered as one of the accurate techniques of cost estimation that generally utilizes the relationship between various variables for calculating the cost. It is found that parametric estimation is generally identified by determining the unit cost as well as number of units that are generally needed by the project.
Three-point estimation generally includes three values that are optimistic estimate, most likely estimate as well as pessimistic estimate. It is found that this cost estimation method helps in increasing accuracy and provides better commitment from the team members of the project (Koska, Onur and Stahler 2017).
Expert judgement is considered as one of the cost estimation tools that is mainly used in order to assess the inputs as well as processes that are generally deployed in order to develop the project charter.
This is considered as one of the techniques that is mainly utilized for figuring out the cost that are related with the project by comparing the bids that are generally submitted by many suppliers. It is found that this can be accomplished by considering various types of costs that are generally presented for the project work (Aster, Borchers and Thurber 2018).
Reserve analysis is considered as one of the techniques that is mainly used for determining the budget of the project. It is found that during reserve analysis, a project is analyzed properly from the cost from the point of cost overruns.
Bottom up analysis is one of the cost estimation technique in which the people who are generally complete the project work mainly involves within the estimating procedure. It is found that typically they are the project team members and they engage in developing the estimate at the task level of work breakdown structure (Li et al. 2018).
2. Critical path of the project and explanation about the steps that are used for identification of critical path method
Critical path method or critical path analysis is defined as an algorithm that is mainly used in order to schedule a set of project activities (Shaw and Sellers 2015). It is generally used in conjunction with the program evaluation as well as with the help of the review technique.
The steps that are generally helpful in identifying the critical path method is generally elaborated below:
Step 1: Specify each of the activities of the project including all the tasks and subtasks
Step 2: Establishing dependencies or activity sequence
Step 3: Drawing the network diagram of the project
Step 4: Estimate the activity completion time
Step 5: Identification of the project critical path
Project baseline is mainly defined as the. It is found that the baseline of the project must be properly documented before the execution of the project and before the beginning of the project control activities. original scope, cost as well as schedule of the project (Abeku et al. 2015). Project baseline is mainly utilized in order to measure the performance that generally deviates from the project plan.
Parametric Model Estimating
The steps that are generally required in order to establish the baseline of the project are generally illustrated below:
Step 1: Gathering proper information as well as knowledge about the work of the project
Step 2: Understanding the stakeholders and forming the team of the project
Step 3: Development of proper business case of the project
Step 4: Creating the work breakdown structure and timeline of the project
Step 5: Development of proper resource plan for the project
Step 6: Finalizing the schedule of the project
Step 7: Finalizing the budget of the project
It is found that when the scope creep occurs, the project can be managed by utilizing the project management triangle or the Iron triangle (Wynne et al. 2016). Triple constraint is considered as one of the models of constraint that is inherent in managing the project quite effectively. The constraints of the project are cost, scope as well as time of the project. The triple constraint mainly helps in stating the success of the project that generally helps in creating impacted by the budget as well as deadlines of the project.
In project management, variance is considered as one of the measurable changes from a standard baseline of the project. Variance is mainly the difference between what is expected and what is generally accomplished within the project. It is found that the variance of the project is generally calculated by identifying the costs, schedule as well as scope of the project.
A schedule network analysis is considered as one of the graphical representations of a schedule that generally helps in reflecting the sequenced activity and the time that is taken in order to finish each of the project activity. It is mainly utilized for identifying the early as well as late start dates, early and late finish dates (Paquin, Charbonneau and Tessier 2015).This analysis is quite helpful in determining the critical path. It is identified that schedule network analysis helps in activity sequencing, project length, completion date, critical path, possible slippage and graphical representation of the entire project.
Critical path analysis is considered as one of the techniques that helps in the activities that are generally necessary for completing the tasks including the identification of the time that is necessary for finishing each of the activity and the relationship between the various activities of the project. It is found that critical path analysis generally helps in recognizing the project before the initiation phase and as the project progresses. In addition to this, this technique generally helps in keeping the completion of the project on track and makes sure that the entire deliverables of the project are on time.
Schedule compression is generally considered as one of the techniques that is mainly utilized in PM for shortening the project schedule. This is generally done in order to meet the update delivery date of the project or for avoiding the delay within the project (Paquin, Charbonneau and Tessier 2015). In addition to this, it is found that schedule compression does not helps in changing the scope of the project. The compression of the project is mainly done with the help of two techniques that generally includes crashing as well as fast tracking method.
3 Point Estimating
The three-best practice of time management methodologies are generally elaborated below:
Organizing work environment: Proper work environment within the organization must be created so that the workers of the organization must properly work which further helps in managing the time of the project successfully (Baptista et al. 2016).
Utilizing software for tracking: It is found that proper software tracking must be utilized in order to track the time of the project such that project completion will be done within the expected time.
Training browser discipline: Proper training must be provided so that the proper working environment must be created for managing the time of the project and for finishing the entire project within the assumed time (Karaman and Kurt 2015).
Work breakdown structure is considered as a building block for creating the schedule of the project. The WBS is defined as the hierarchical reflection of all the activities that are mainly executed within the project. It is found that the project activities are generally reduced into number of tasks with which the entire project plan can be developed by overseeing the activities of the project more effectively than the complex activities (Golini, Kalchschmidt, and Landoni 2015). In addition to this, WBS is considered to be important for tracking the schedule of the project. As the tasks of WBNS have clear defined limits, the project management can be able to determine the project by checking which tasks of the project schedule is complete.
References
Abeku, T.A., Helinski, M.E., Kirby, M.J., Kefyalew, T., Awano, T., Batisso, E., Tesfaye, G., Ssekitooleko, J., Nicholas, S., Erdmanis, L. and Nalwoga, A., 2015. Monitoring changes in malaria epidemiology and effectiveness of interventions in Ethiopia and Uganda: Beyond Garki Project baseline survey. Malaria journal, 14(1), p.337.
Aster, R.C., Borchers, B. and Thurber, C.H., 2018. Parameter estimation and inverse problems. Elsevier.
Baptista, A., Santos, F., Páscoa, J. and Sändig, N., 2016. Project management methodologies as main tool for current challenges in global economy driving historical changes. Journal of Advanced Management Science, 4(2).
Golini, R., Kalchschmidt, M. and Landoni, P., 2015. Adoption of project management practices: The impact on international development projects of non-governmental organizations. International Journal of Project Management, 33(3), pp.650-663.
Kang, J.J., Guestrin, E.D., Maclean, W.J. and Eizenman, M., 2017. Simplifying the cross-ratios method of point-of-gaze estimation. CMBES Proceedings, 30(1).
Karaman, E. and Kurt, M., 2015. Comparison of project management methodologies: prince 2 versus PMBOK for it projects. Int. Journal of Applied Sciences and Engineering Research, 4(5), pp.657-664.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Koska, O., Onur, I. and Stähler, F., 2017. The Economics of Vendor Bids (No. 1711). ERC-Economic Research Center, Middle East Technical University.
Li, M., Zhou, Z., Li, J. and Liu, X., 2018, August. Bottom-up Pose Estimation of Multiple Person with Bounding Box Constraint. In 2018 24th International Conference on Pattern Recognition (ICPR) (pp. 115-120). IEEE.
Paquin, J.P., Charbonneau, A. and Tessier, D., 2015. The derivation of the NPV variance of a risky capital investment project with first-order autoregressive cash flows and autoregressive conditional heteroscedastic variances. Applied Economics, 47(12), pp.1170-1186.
Shaw, E. and Sellers, L., 2015. Application of the critical-path method to evaluate insider risks. Studies in Intelligence, 59(2), pp.41-48.
Wynne, M.P., Clarke, G.A., Saunders, R., Sheehan, T., Collins, M. and Royte, J., 2016. Penobscot I: Monitoring the Penobscot River Restoration Project: Baseline Data to Inform Ecosystem Response.
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