Provide answers to all of the questions below

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Institute of Management Sciences, Lahore *

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101

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Industrial Engineering

Date

Nov 24, 2024

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docx

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2

Uploaded by WonderWoman768

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Provide answers to all of the questions below: 1. Explain each of the following estimating techniques, and how each can be used to determine task duration and resource effort within a project. a. Analogous Estimating Analogous estimation is a technique used to estimate how long it will take a project or how much resources a project will consume, this technique can be used to determine task duration and resource effort of a project by comparing data used in previous projects in reference to the current and future projects when handling similar projects. b. Parametric Model Estimating Parametric model estimating refers to an accurate technique for estimating cost and duration of a project by using relationship between variables to work out cost and duration of a project, to determine the task duration and resource effort within a project in this technique, unit cost or duration and the number of units produced per person in a project are used. c. 3 Point Estimating Point estimation involves approximation of values and the use of probability so that you can make a suitable inference that is desirable to a project, this therefore help in determining task duration and resource effort within a project by approximating what is required with the help project design. d. Expert Judgment Estimating Expert judgment estimating refers to the assumption about what they think a project will cost, this technique involves people with specialized education, knowledge, skills, experience and training who can determine task duration and resource effort required to complete a project. e. Vendor Bid Analysis Vendor bid analysis is a technique use to determine the cost of a project by comparing bids submitted by many suppliers interested in the project, this can be used to determine task duration and resource effort within a project by analyzing bids from previous similar project bids, financial capability of a project. f. Reserve Analysis Reserve analysis is a technique used to determine a project budget, this can be used to determine task duration and resource efforts required by a project by analyzing it from a cost overrun view and buffers are placed appropriately so that a project can be managed better without experiencing rifts that slow its progress. g. Bottom-Up Analysis A bottom-up approach involves all members of the team working together to determine the necessary tasks to reach that final end product. Example: You are embarking on an entirely new product based on feedback from your customers. You need input from the entire team as this is a process you've never been through before.
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