Business Finance
project management essay

Question Description

following the requests, 2-3 pages, No copy, APA Style.


  1. Describe the most common cost elements to be included in a project cost estimate. (10 points)
  2. Compare and contrast the advantages and disadvantages of analogous, parametric and bottom-up estimating. (10 points)
  3. Discuss the reasons you would want to use a time-phased budget for a project. Note: The book may not have enough information on this so please consider researching this for more details. (10 points)
  4. Identify five common project risk strategies employed to address threats that your project may face. Give an example of each. (10 points)
  5. The quality revolution introduced many tools that can be used to improve the quality of project related processes and outcomes. Identify three quality tools and briefly describe how you would use them to improve project related processes and outcomes. (10 points)

Final Answer

Hi, kindly find attached complete work.



Project Management
Student’s Name





Cost element to be included in a project cost estimate

The cost estimate is the approximate cost of a project or an operation, it estimates a single
total value, and it may have discernible component values. The cost element should state the
resource required to complete a project. They are divided into the direct and indirect cost. Direct
cost elements are the ones not associated with any particular activity, work or package. On the
other hand, indirect cost is computed based on the direct cost or any other which is equitable.
Indirect cost may include overhead or fringe benefits. Some of the direct cost which should be
considered in the project include the equipment needed to complete project, labor, and materials
(Wang et al., 2013).

Advantages and disadvantages of analogous, paramet...

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