INF 337 Ashford University WK2 Integrated Cost and Schedule Control Paper

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Business Finance

INF 337

ashford university

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Description

Required Text:

Venkataraman, R., & Pinto, J. (2008). Cost and value management in projects. Retrieved from https://redshelf.com/

  • The full-text version of this e-book is available through your online classroom.

Required Readings:

Read the following chapters in Cost and Value Management in Projects:

  • Chapter 3: Cost Estimation
  • Chapter 4: Project Budgeting

Read the following journal article from ProQuest:

  • Jedd, M. (2006, January). Project rescue. PM Network, 20(1), 64-68. Retrieved from ProQuest Database. The article provides a review of project budgeting, scope management, and helpful details on cost and schedule performance to aid in the discussion boards for the week.

Week 2 - Discussion 1

Problems with Cost Estimation

  • The text provides five specific areas or reasons that cost estimation seems to occur. Describe a project that you have been involved with where at least one of these factors occurred. How would you improve the cost estimation method with the knowledge you have gained in the reading this week?

Week 2 - Discussion 2

Cost Baseline and Time Phased Budgets

  • The ability to plan an effective budget is critical to the understanding of planned and actual costs in a project. The only way to understand both schedule performance and the accuracy of the budget is to create a baseline. Use your text reading and the ProQuest article by Marcia Jedd to describe the linkage of a time phased approach to budgeting and the importance of a baseline for the project. How does this baseline enable measurement of project health?



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Explanation & Answer

Attached.

Running head: COST ESTIMATION

1

Cost Estimation
Student’s name:
Institution:
Date:

COST ESTIMATION

2

Before engaging in any project, it is important to consider the cost estimates that will be
involved in implementing the project. When the mistake is made at the project planning time, the
resulting effects become frustrations to project managers. Venkataraman & Pinto (2008)
highlight five significant reasons for errors in cost estimation. Drawing from my experience, I
encountered two of the reasons for cost estimation. The two aspects entail proposing low-cost
estimates and the influence of external factors. I was part of a team involved in the upgrading of
IT and communication systems in the company. In presenting the proposals and possible costs,
we made cost estimation errors that would later affect the implementation of the project.
First, since the proje...


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