Respond to each posts in a substantive manner, and provide recommendations. Support your position by using information from examples from current events, and/or other scholarly or credible resources. Cite references, if needed.
You are encouraged to promote a more meaningful and interactive discourse in this discussion forum. Each response should be a minimum of 150 words.
First post:
Discuss how you would prepare time and cost estimates for an upcoming project. Provide a general, high-level walk-through for an executive-level audience.
To come up with the most accurate time and cost estimate I need a development project schedule first by addressing these questions (Kloppenborg, 2023):
When will the project be complete?
What is the earliest date a particular activity can start, and when will it end?
What activity must be complete before an activity can start?
What would happen if the delivery of material is late?
Can a key worker take a week of vacation when their activity is in progress?
If a person is assigned to do two activities, which one must be done first?
How many hours do we need from each worker next week or month?
Which worker or other resource creates a bottleneck that can halt or delay our project?
What will the impact be if the client wants to add an additional module?
How many resources are required for the project, and are they available?
How much time and effort are required from each resource?
What time constraints are the project likely to encounter?
This information helps the PM to develop a plan schedule with the most accurate estimates and timeline to present to an executive audience. I will capture this data in the WBS to outline the task schedule and duration along with any contingency plans and cost control to stay within budget.
Discuss how you would prepare time and cost estimates for your project when the project scope is new to you. In other words, if you do not know what it will take for you to complete the project successfully, how will you become familiar with the project scope to be able to deliver meaningful information?
In the case where I am new with project scope, I will use one of my previous projects where I used the Critical Path Method to provide a conservative time and estimate to deliver the project. Once I have a better understanding of the project scope I can the necessary adjustment to my initial proposal.
References
Kloppenborg, T. J., Anantatmula, V. S., & Wells, K. N. (2023). Contemporary project management: Plan-driven and Agile approaches (5th ed.). Cengage Learning
Second Post:
Preparing Time and Cost Estimates for an Upcoming Project:
Accurate time and cost estimates for prospective construction projects are critical for successful project planning and management. Here’s a high-level summary of how I would approach this process for an executive audience:
Project Scope and Requirements Analysis:
Begin by thoroughly evaluating the project scope, objectives, and requirements the customer or project sponsor provides.
Determine the crucial deliverables, milestones, and limitations affecting the project timeline and budget.
Work Breakdown Structure (WBS) Development:
Create a thorough Work Breakdown Structure (WBS) that divides the project scope into manageable tasks and activities.
Organize the work breakdown structure (WBS) by project phases: site preparation, foundation, structural construction, and interior finishing.
Task Duration Estimation:
Estimate the length of each job or activity using historical data, industry norms, expert judgment, and feedback from project team members.
Consider the weather, workforce, equipment availability, and any delays.
Resource Allocation:
Determine the resources (labor, materials, and equipment) necessary for each task or activity.
Obtain quotations and estimates from vendors and subcontractors to establish material and service costs.
Cost Estimation:
Estimate the direct expenses of each task or activity (people, materials, and equipment).
To account for uncertainties and hazards, including indirect expenses (overhead, insurance, permits) and contingency reserves.
Project expenses are precisely calculated and analyzed using cost estimation tools and software.
Schedule Development:
Create a project schedule based on the projected durations for each job or activity.
Use scheduling software to establish a clear project timetable, identify essential route tasks, and allocate resources effectively.
Risk Assessment and Contingency Planning:
Identify any risks and uncertainties that may have an influence on the project’s schedule and cost.
Develop risk mitigation techniques and contingency plans to deal with unexpected occurrences and reduce their impact on project execution.
Review and Approval Process:
Present the time and cost estimates to project stakeholders, which include senior management, clients, and critical team members.
Seek comments and input to verify accuracy and alignment with the project’s aims and objectives.
Obtain official approval before beginning project implementation.
Following these procedures, we can create detailed time and cost estimates that lay the groundwork for effective project planning and execution.
Preparing Time and Cost Estimates for a New Project Scope:
When faced with a new project scope, adopting a systematic approach to becoming acquainted with the requirements and providing accurate time and cost estimates is critical. Here’s how I’d tackle this challenge:
Conduct Initial Scoping Meeting:
Meet with critical stakeholders, such as clients, project sponsors, and subject matter experts, to establish initial project needs and objectives.
Ask probing questions to explain the project’s scope, goals, and expected outcomes.
Research and Benchmarking:
Conduct research and benchmarking to learn about comparable construction projects, industry standards, and best practices.
Analyze historical data and lessons from previous projects to identify possible cost drivers and schedule concerns.
Engage with Subject Matter Experts:
Collaborate with experienced project managers, architects, engineers, and subcontractors to understand the project’s requirements and problems.
Seek their opinion and expertise to create realistic time and cost estimates based on their experience with comparable projects.
Preliminary Cost Estimation:
Create preliminary cost estimates using the information acquired during scoping sessions and research.
Initial cost estimations should be based on rough order of magnitude (ROM) estimates and parametric estimating approaches.
Iterative Planning and Refinement:
Continuously refine and iterate on the project scope and requirements as more information becomes available.
Update time and cost estimates based on feedback from stakeholders and additional analysis.
Risk Assessment and Contingency Planning:
Determine the probable risks and uncertainties associated with the revised project scope.
Create risk management methods and contingency plans to handle uncertainties and reduce possible implications on project delivery.
Stakeholder Review and Approval:
Submit revised time and cost estimates to project stakeholders for evaluation and approval.
Ensure openness and open communication to answer any issues or queries that stakeholders have.
Following these procedures, we may gradually acquaint ourselves with the project scope and requirements, allowing us to provide relevant time and cost estimates consistent with project objectives and stakeholder expectations.
References:
Kloppenborg, T. J., Anantatmula, V. S., & Wells, K. N. (2023). Contemporary Project Management: Plan-driven and Agile approaches (5th ed.). https://uagc.instructure.com/courses/131440/modules/items/6691863
