"Everyone wants a detailed schedule and product cost breakdown. How can I do that when we are not even sure what the end-item will look like or what materials are needed? “  With reference to the extract, highlight the importance of having a detailed project schedule and cost breakdown.

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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"Everyone wants a detailed schedule and product cost breakdown. How can I do that when we are
not even sure what the end-item will look like or what materials are needed? “  With reference to the
extract, highlight the importance of having a detailed project schedule and cost breakdown.

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Step 1

In reality, as a project manager, it is critical to create a clear schedule and product cost breakdown, which allows you to comprehend the various resources available and make the most use of them. It is due to the project that detailed schedule projections for deadlines are established. To assemble and maintain schedules while discussing project goals with the team, an organized technique should be used. Similarly, a breakdown of product costs aids in correct analysis, making the offer lucrative as well as sustainable in the long term.

We can say that both the project schedule and the product cost breakdown aid in accurate cost analysis when developing forecasts and pricing estimations so that budgets may be correctly aligned and allocated.

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