MAN-435 Project Management
Project Management: Achieving Competitive Advantage,
by Jeffrey K. Pinto, (Upper
Saddle River, New Jersey: Pearson Prentice-Hall, 2007).
ISBN-13:
978-0-558-39543-8
Written Assignment 4
This assignment covers text chapter 8. The question is adapted from Discussion Questions
in the text. There is only one assignment question.
Why is cost estimation such an important component of project planning? Discuss how
it links together with the Work Breakdown Structure and the project schedule.
(Objective 4.2)
The cost estimation is what the client uses to decide to continue with a project. It determines
the funds available for work schedules and assets available. Clearly defining a cost estimate,
allows a better opportunity for a successful completion of a project. The better the cost
estimate the better the profit margin for the project organization. A key for a detailed cost
estimate is to break down the project by work package and deliverable. Estimating the cost
of each task similar to a bottom up approach.
Common cost estimation methods are:
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- Summer '10
- Bernstein
- Project Management, project manager, preliminary estimate
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