standard workflow if they were involved in the development process.References Meredith, J. R., Mantel, S. J., & Shafer, S. M. (2015).Project management: A managerial approach(9th ed.). Indianapolis, IN
Cost EstimateNow that you have developed the project schedule and are working on your cost estimate, consider how you use the project schedule to help develop the cost estimate. Consider your own project when answering the following questions:How will you reach the level of detail needed for a complete cost estimate?In order to reach the level of detail for a complete cost estimate I will conduct time and motion studies of the current work process performed by line level employee. While conducting time and motion studies, I will also evaluate inventory levels, equipment conditions and availability, scheduling, and staffing. By being directly involved at the participative level, I will be able to acquire elemental insights required to set an accurate budget for the project.What items should you include in your cost estimates that are not explicitly present in the project schedule?Items that I will include in my cost estimates that are not explicitly present in the project schedule are contingency and management reserves, increase in turnover rates in staffing levels, delays in supply and equipment delivery and cost increase in supply and equipment. Having contingency and management reserve will enable meto be prepared in the event the organization experiences an abnormal level of
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