Cost Estimation and Budgeting

Feb 3rd, 2012
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Ashford University
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The first two questions refer to the Aalborg case at the beginning of the chapter. Describe an environment in which it would be common to bid for contracts with such low profit margins. What does this environment suggest about the competition levels?

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?INSTRUCTOR'S RESOURCE MANUALCHAPTER EIGHTCost Estimation and BudgetingTo AccompanyPROJECT MANAGEMENT: Achieving Competitive AdvantageByJeffrey K. PintoCHAPTER EIGHTPROJECT PROFILE - Boston's Central Artery/Tunnel Project: Updated and Complete 8.1 COST MANAGEMENTDirect vs. Indirect CostsRecurring Versus Nonrecurring CostsFixed Versus Variable CostsNormal versus Expedited Costs8.2COST ESTIMATIONLearning Curves in Cost EstimationProject Management Research in Brief: Software Cost Estimation Problems with Cost EstimationPROJECT PROFILE - Heathrow Airport's New Terminal Five Development 8.3CREATING A BUDGETTop-Down BudgetingBottom-Up BudgetingActivity-Based Costing8.4DEVELOPING BUDGET CONTINGENCIESSummaryKey TermsSolved ProblemsDiscussion QuestionsProblemsCase Study 8.1: The Dulhasti Power PlantCase Study 8.2: London's Millennium DomeInternet ExercisesPMP Certification Sample QuestionsIntegrated Project: Developing the Cost Estimates and Budget BibliographyTRANSPARENCIES8.1 SOURCES OF PROJECT COSTS1. DIRECT VS. INDIRECT COSTS2. RECURRING VS. NON-RECURRING COSTS3. FIXED VS. VARIABLE COSTS4. NORMAL VS. EXPEDITED COSTS8.2 LEARNING CURVE MODEL8.3 PROBLEMS WITH COST ESTIMATION1. LOW INITIAL ESTIMATES2. UNEXPECTED TECHNICAL DIFFICULTIES3. LACK OF DEFINITION4. SPECIFICATION CHANGES1. EXTERNAL FACTORS8.4 EXAMPLE OF A TIME-PHASED BUDGET MonthsActivityJanuaryFebruaryMarchAprilMayTotal by ActivitySurvey4,0004,000D

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