Economics of project evaluation cpm module2ahsanrabbani
Introduction: The competencies required for developing business cases comprise a range of skills, including those for:
• facilitation and negotiation
• demand management
• risk management
• value management
• economic, social, environmental and budget analyses, and
• strategic planning.
W4N1 Cost Management OverviewCost management is a critical comp.docxcelenarouzie
W4N1: Cost Management Overview
Cost management is a critical component of any project. It is very rare that there is no concern over what a project will cost!
Reliable cost estimates are required for responsible fiscal management at each stage of a project. Unreliable estimates and resulting budgets typically cause significant problems within an organization -- particularly for large enterprise projects. Cost management is closely related to time management because when projects overrun schedule there are typically cost overruns as well.
There are varying degrees of budgetary estimates at different stages of a project. At each stage, cost estimates must be accurate, transparent and reliable to the degree possible at that particular stage. Budgetary estimates (before the project is approved) will be high level, but should be based on a high level understanding of scope and approach. By the time that project budgets are established just prior to execution, much more detail is known and the estimates can be provided with more clarity. The degree of uncertainty should be defined with each estimate. Management needs the best information available on which to base decisions about the project. The degree of estimation detail and the basis of the estimates improves over time.
Cost estimates are not static -- estimating costs is not an exact science and actual costs must be regularly reviewed and tracked to budgetary estimates. The estimates do, however, set expectations and affect management decisions. A successful project manager is expected to establish a budget for a project and then manage the project to that budget. Any changes in the overall cost to complete a project must be discussed with management and key project stakeholders. If an initial budgetary estimate made during project initiation is extremely different from the budget planned for project execution (or worse from what it actually takes to complete the project in the late stages), management must rethink whether or not the project should proceed.
W4N2: Cost Estimating
There are various methods for estimating project costs. Sometimes historical data is available to support cost estimates, sometimes teams define the cost estimate in a “bottom up” manner by estimating what it will cost to perform each project work activity and then summing up the activities for the project, and for some specialty areas there may be industry or corporate formulas or guidelines that can help guide estimates. Various tools, from cost models, to project management systems, to complex excel spreadsheets typically support the development of cost estimates.
Based on the activity resource and duration estimates, the cost estimates define the cost of completing the work of the project. Cost estimates include labor, materials, services, equipment and any other direct costs for performing project activities. There are many factors that should be considered when preparing cost estimates, incl.
significance_of_test_estimating_in_the_software_development.pdfsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
Economics of project evaluation cpm module2ahsanrabbani
Introduction: The competencies required for developing business cases comprise a range of skills, including those for:
• facilitation and negotiation
• demand management
• risk management
• value management
• economic, social, environmental and budget analyses, and
• strategic planning.
W4N1 Cost Management OverviewCost management is a critical comp.docxcelenarouzie
W4N1: Cost Management Overview
Cost management is a critical component of any project. It is very rare that there is no concern over what a project will cost!
Reliable cost estimates are required for responsible fiscal management at each stage of a project. Unreliable estimates and resulting budgets typically cause significant problems within an organization -- particularly for large enterprise projects. Cost management is closely related to time management because when projects overrun schedule there are typically cost overruns as well.
There are varying degrees of budgetary estimates at different stages of a project. At each stage, cost estimates must be accurate, transparent and reliable to the degree possible at that particular stage. Budgetary estimates (before the project is approved) will be high level, but should be based on a high level understanding of scope and approach. By the time that project budgets are established just prior to execution, much more detail is known and the estimates can be provided with more clarity. The degree of uncertainty should be defined with each estimate. Management needs the best information available on which to base decisions about the project. The degree of estimation detail and the basis of the estimates improves over time.
Cost estimates are not static -- estimating costs is not an exact science and actual costs must be regularly reviewed and tracked to budgetary estimates. The estimates do, however, set expectations and affect management decisions. A successful project manager is expected to establish a budget for a project and then manage the project to that budget. Any changes in the overall cost to complete a project must be discussed with management and key project stakeholders. If an initial budgetary estimate made during project initiation is extremely different from the budget planned for project execution (or worse from what it actually takes to complete the project in the late stages), management must rethink whether or not the project should proceed.
W4N2: Cost Estimating
There are various methods for estimating project costs. Sometimes historical data is available to support cost estimates, sometimes teams define the cost estimate in a “bottom up” manner by estimating what it will cost to perform each project work activity and then summing up the activities for the project, and for some specialty areas there may be industry or corporate formulas or guidelines that can help guide estimates. Various tools, from cost models, to project management systems, to complex excel spreadsheets typically support the development of cost estimates.
Based on the activity resource and duration estimates, the cost estimates define the cost of completing the work of the project. Cost estimates include labor, materials, services, equipment and any other direct costs for performing project activities. There are many factors that should be considered when preparing cost estimates, incl.
significance_of_test_estimating_in_the_software_development.pdfsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
significance_of_test_estimating_in_the_software_development.pptxsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
significance_of_test_estimating_in_the_software_development.pdfsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
The main aim of this research study was to investigate the causes of illegal migrationn and its impacts in the
returnees who are living in Woliso town. To achieve these objectives, qualitative methods and Semi-structured in
depth interviews were held with a total of 25 women participants. Descriptive phenomenology was the approach
employed for conducting this study. The purposive sampling technique was used to select 25 returnees of illegal
emigrant f The Primary information was collected mainly from the migrants, Labour
and Social affairs office. Phenomenological method of analysis for study was used to analyze the data obtained
from the participants. The findings of the study revealed that there are a variety of contributory factors that led to
the emergence of migrant women from Ethiopia to Middle East countries. The result showed that the major factors
contributing to the migration and vulnerability of Ethiopian women to illegal emigration are lack of employment,
poverty, lack of prospects, the search for better opportunities and income to support themselves and their families
and economic insecurity as the probable cause of this migration.
AI has made significant inroads into various fields, including project management. AI can enhance project management by automating repetitive tasks, providing data-driven insights, and improving decision-making. Here are some use cases of AI in project management, along with explanations and examples:
significance_of_test_estimating_in_the_software_development.pptxsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
significance_of_test_estimating_in_the_software_development.pptxsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
significance_of_test_estimating_in_the_software_development.pdfsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
The main aim of this research study was to investigate the causes of illegal migrationn and its impacts in the
returnees who are living in Woliso town. To achieve these objectives, qualitative methods and Semi-structured in
depth interviews were held with a total of 25 women participants. Descriptive phenomenology was the approach
employed for conducting this study. The purposive sampling technique was used to select 25 returnees of illegal
emigrant f The Primary information was collected mainly from the migrants, Labour
and Social affairs office. Phenomenological method of analysis for study was used to analyze the data obtained
from the participants. The findings of the study revealed that there are a variety of contributory factors that led to
the emergence of migrant women from Ethiopia to Middle East countries. The result showed that the major factors
contributing to the migration and vulnerability of Ethiopian women to illegal emigration are lack of employment,
poverty, lack of prospects, the search for better opportunities and income to support themselves and their families
and economic insecurity as the probable cause of this migration.
AI has made significant inroads into various fields, including project management. AI can enhance project management by automating repetitive tasks, providing data-driven insights, and improving decision-making. Here are some use cases of AI in project management, along with explanations and examples:
significance_of_test_estimating_in_the_software_development.pptxsarah david
Accurate estimations helps project managers to maintain a well-organized project timeline. By having a clear understanding of the time required for testing activities, realistic schedules can be developed, ensuring effective coordination with development and other project tasks.
Similar to Cost Estimation method in engineering economics (20)
Courier management system project report.pdfKamal Acharya
It is now-a-days very important for the people to send or receive articles like imported furniture, electronic items, gifts, business goods and the like. People depend vastly on different transport systems which mostly use the manual way of receiving and delivering the articles. There is no way to track the articles till they are received and there is no way to let the customer know what happened in transit, once he booked some articles. In such a situation, we need a system which completely computerizes the cargo activities including time to time tracking of the articles sent. This need is fulfilled by Courier Management System software which is online software for the cargo management people that enables them to receive the goods from a source and send them to a required destination and track their status from time to time.
Overview of the fundamental roles in Hydropower generation and the components involved in wider Electrical Engineering.
This paper presents the design and construction of hydroelectric dams from the hydrologist’s survey of the valley before construction, all aspects and involved disciplines, fluid dynamics, structural engineering, generation and mains frequency regulation to the very transmission of power through the network in the United Kingdom.
Author: Robbie Edward Sayers
Collaborators and co editors: Charlie Sims and Connor Healey.
(C) 2024 Robbie E. Sayers
Water scarcity is the lack of fresh water resources to meet the standard water demand. There are two type of water scarcity. One is physical. The other is economic water scarcity.
Final project report on grocery store management system..pdfKamal Acharya
In today’s fast-changing business environment, it’s extremely important to be able to respond to client needs in the most effective and timely manner. If your customers wish to see your business online and have instant access to your products or services.
Online Grocery Store is an e-commerce website, which retails various grocery products. This project allows viewing various products available enables registered users to purchase desired products instantly using Paytm, UPI payment processor (Instant Pay) and also can place order by using Cash on Delivery (Pay Later) option. This project provides an easy access to Administrators and Managers to view orders placed using Pay Later and Instant Pay options.
In order to develop an e-commerce website, a number of Technologies must be studied and understood. These include multi-tiered architecture, server and client-side scripting techniques, implementation technologies, programming language (such as PHP, HTML, CSS, JavaScript) and MySQL relational databases. This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart website and also to know about the technologies used to develop such a website.
This document will discuss each of the underlying technologies to create and implement an e- commerce website.
Forklift Classes Overview by Intella PartsIntella Parts
Discover the different forklift classes and their specific applications. Learn how to choose the right forklift for your needs to ensure safety, efficiency, and compliance in your operations.
For more technical information, visit our website https://intellaparts.com
Cosmetic shop management system project report.pdfKamal Acharya
Buying new cosmetic products is difficult. It can even be scary for those who have sensitive skin and are prone to skin trouble. The information needed to alleviate this problem is on the back of each product, but it's thought to interpret those ingredient lists unless you have a background in chemistry.
Instead of buying and hoping for the best, we can use data science to help us predict which products may be good fits for us. It includes various function programs to do the above mentioned tasks.
Data file handling has been effectively used in the program.
The automated cosmetic shop management system should deal with the automation of general workflow and administration process of the shop. The main processes of the system focus on customer's request where the system is able to search the most appropriate products and deliver it to the customers. It should help the employees to quickly identify the list of cosmetic product that have reached the minimum quantity and also keep a track of expired date for each cosmetic product. It should help the employees to find the rack number in which the product is placed.It is also Faster and more efficient way.
Student information management system project report ii.pdfKamal Acharya
Our project explains about the student management. This project mainly explains the various actions related to student details. This project shows some ease in adding, editing and deleting the student details. It also provides a less time consuming process for viewing, adding, editing and deleting the marks of the students.
Event Management System Vb Net Project Report.pdfKamal Acharya
In present era, the scopes of information technology growing with a very fast .We do not see any are untouched from this industry. The scope of information technology has become wider includes: Business and industry. Household Business, Communication, Education, Entertainment, Science, Medicine, Engineering, Distance Learning, Weather Forecasting. Carrier Searching and so on.
My project named “Event Management System” is software that store and maintained all events coordinated in college. It also helpful to print related reports. My project will help to record the events coordinated by faculties with their Name, Event subject, date & details in an efficient & effective ways.
In my system we have to make a system by which a user can record all events coordinated by a particular faculty. In our proposed system some more featured are added which differs it from the existing system such as security.
TECHNICAL TRAINING MANUAL GENERAL FAMILIARIZATION COURSEDuvanRamosGarzon1
AIRCRAFT GENERAL
The Single Aisle is the most advanced family aircraft in service today, with fly-by-wire flight controls.
The A318, A319, A320 and A321 are twin-engine subsonic medium range aircraft.
The family offers a choice of engines
Gen AI Study Jams _ For the GDSC Leads in India.pdf
Cost Estimation method in engineering economics
1.
2. Cost estimation is a critical process in project management.
Explore various methods, from traditional approaches to
parametric models, to achieve accurate cost estimation.
•Briefly introduce the importance of cost estimation in project
management.
•Highlight the impact of accurate cost estimation on project
success.
3. Examine historical data and expert judgment to estimate costs based on similar
past projects.
Use mathematical formula to estimate costs based on measurable parameters and
variables.
Analyze and compare the costs of similar projects to estimate the cost of a new
project.
4. Break down the project into smaller
tasks and estimate the cost of each
task individually.
Estimate the overall cost of the project
and then allocate it to different tasks or
work packages.
5. Easy to understand
Useful for simple and repetitive projects
May not account for unique project
requirements
Efficient for large-scale projects
Provides consistent results Requires
accurate historical data
Utilizes lessons learned from previous
projects Incorporates project-specific
factors
Limited by availability of relevant case
studies
6. 1
Clearly define project
requirements to accurately
estimate costs.
2
Include domain experts for
accurate estimation of task
costs.
3
Account for potential risks and
uncertainties that may impact
project costs.
4
Regularly review and update
cost estimates as the project
progresses.
7. Cost estimation is a crucial aspect in various fields and industries for several reasons:
Cost estimation is fundamental to project planning. It helps
organizations allocate resources effectively, set realistic budgets, and plan the overall
project timeline.
Estimating costs is a key component of budgeting. Organizations need
accurate cost estimates to allocate funds appropriately and efficiently.
Cost estimates provide valuable information for decision-
making. They help stakeholders evaluate the feasibility of a project, compare
different project options, and make informed choices based on cost implications.
Accurate cost estimation is vital for identifying and managing
risks. By understanding potential cost overruns or budgetary challenges early in the
planning phase, organizations can develop risk mitigation strategies and contingency
plans to address unforeseen circumstances.