Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 3RQ
Summary Introduction
To determine:
The difference between bottom-up and top-down estimating approach and the situation where bottom-up is preferred over top-down and vice-versa.
Introduction:
Top down approach makes a rough estimate of the project cost and time duration and then breaks into more details to get the activity time and cost.
Bottom up approach first makes concrete estimate of the activities’ time and cost and them consolidates them to make budget and cost estimates for the project.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
elijah wants to start a carpet cleaning business. to do so, he needs to purchase a carpet cleaner and advertise. he estimates the cleaner will cost $400 and advertising will cost $1,600 initially. the cleaning solution is fairly cheap, costing only $5 per room cleaned. he also thinks he will have $3 in gas on average for each client. if he charges $40 per room cleaned and cleans an average of 2 rooms per house, how many houses will he have to clean before breaking even? if taxes are 25% of profits, how many rooms will he have to clean before making $5,000 profit?
answer the question by making a cvp worksheet similar to the depreciation sheets. make sure it works well, uses cell references and functions/formulas when appropriate, and looks nice.
What insights can you gain from working in a laundry business while maintaining a balance in your personal life? What about the joy of doing your work?
How can you improve your lost and found system in laundry business? Like if there's a customer who has a missing garments and another customer found it accidentally in their clothes?
Chapter 5 Solutions
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
Ch. 5.1A - How many labor hours should the eighth satellite...Ch. 5.1A - How many labor hours for the whole project of...Ch. 5.1A - What price would you ask for the project? Why?Ch. 5.1A - Midway through the project your design and...Ch. 5.1A - Near the end of the project, Deutsch Telefon AG...Ch. 5 - Why are accurate estimates critical to effective...Ch. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - What are the major types of costs? Which costs are...Ch. 5 - Why is it difficult to estimate mega project...
Ch. 5 - Define what a white elephant is in project...Ch. 5 - Calculate the direct cost of labor tor a project...Ch. 5 - Mrs. Tolstoy and her husband, Serge, are planning...Ch. 5 - Exercise Figure 5.1 is a project WBS with cost...Ch. 5 - Firewall Project XT. Using the complexity...Ch. 5 - At this point, what would you do if you were the...Ch. 5 - Prob. 5.1.2CCh. 5 - What estimating techniques should be used for a...Ch. 5 - Assume you are either Mike or Josh; how would you...Ch. 5 - Prob. 5.2.2CCh. 5 - After cost, what other factors should be...
Knowledge Booster
Similar questions
- the government is about to build a coop housing project in an open land where rich elites are living,suggest some survey questions for the rich elites on citing the coop housing project in their neigbourhood.arrow_forwardsuggest a A PITCH TO CONVINCE CAPE BRETON UNIVERSITY USING THEIR MISSIO STATEMENT ,VISION STATEMENT AND VALUES TO TELL THE SCHOOL WHY THEY SHOULD SUPPORT THE COOP HOUSING PROJECT INITIATIVE WITH RESOURCES OTHER THAN FINANCE.arrow_forwardDRAW UP A PITCH TO CONVINCE CAPE BRETON UNIVERSITY USING THEIR MISSIO STATEMENT ,VISION STATEMENT AND VALUES TO TELL THE SCHOOL WHY THEY SHOULD SUPPORT THE COOP HOUSING PROJECT INITIATIVE WITH RESOURCES OTHER THAN FINANCE.arrow_forward
- Please original work (Please dont add any AI sentences) Background information: LEGO was founded in 1932. The word LEGO is from the Danish words LEg GOdt (play well). Later, it was realized that in Latin the word means “I put together”. The firm initially made wooden toys as well as other wood products stepladders, ironing boards, stools, etc. In 1947, the LEGO Group bought a plastic injection-molding machine for toy production and in 1949 the first LEGO Automatic Binding Brick with four and eight studs appeared. LEGO flourished for many years with its innovative toys. However, in 2004, innovation almost bankrupted the Danish toymaker. LEGO had become concerned about low-cost copies of its plastic building products so it sought to diversify into different activities including: theme parks, Clikits craft sets, action figures (Galidor), and a television show among other efforts. All of these were unprofitable and were eventually discontinued. Today, LEGO is growing in an overall…arrow_forwardPlease original work Talk about your current organization’s greatest needs for creating a balanced scorecard for management consulting firm, and steps you would take to design the balance scorecard. Please cite in text references and add weblinks.arrow_forwardPlease original work How do you think organizations can effectively balance short-term resource constraints with the need for long-term investments in areas like technology and employee development, especially when both are critical to achieving strategic goals? Please cite in text references and add weblinksarrow_forward
- Importanc of the process Tuckman's model”(Forming, Storming, Norming, Performing, and Adjourning)arrow_forwardReview the article: Defining the Motivations and Capabilitied of Young Intrapreneurs: Literature Review and Research Opportunities 1. Discuss the differences and similarities of Entrepreneurship and Intrapreneurship. 2. How might your current organization or a former organization that you have been a member of incorporate the elements of Intrapreneurship? 3. Discuss the future of Intrapreneurship List referencesarrow_forwardRoles for Human Resource Departments Analyze HRM functions. Describe and detail each one of these functions. Why are the specific roles associated to HRM important? List referencesarrow_forward
- Employees and Entrepreneurs share many skills, mindsets and values. Even if you are employed by an organization, you may have an entrepreneurial mindset and entrepreneurial traits. How do you envision yourself within an organization, as an employee rather tahan an entrepreneur? Discuss the traits and values that support this?arrow_forwardPlease original work Talk about your need for creating a balanced scorecard in a management consulting firm and the steps you would take to design the balance scorecard. Please cite in text resources and weblinksarrow_forwardThink of a team in which you have participated in a professional setting (the number of individuals should be more than one person and includes you. Also, the team could have been virtual, collocated, or a mixture of virtual and collocated). Think back on how the team formed from the first day until the end of the project or when the work function was completed. Describe what took place. Do you feel your team followed any part of Tuckman's model? Consider what was discussed regarding high-performing teams in the lesson this week in the Team Performance Domain section. It was explained that high-performing project teams are characterized by different factors. Based on the factors listed about high-performance teams, which two factors do you feel your team could have improved upon and why?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College PubMarketingMarketingISBN:9780357033791Author:Pride, William MPublisher:South Western Educational Publishing
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing