Cost Methods & Tools

You are now ready to apply costing methods, tools, and techniques to your project. There are many of these available to assist you in determining your overall budget, as well as to estimate the durations for individual tasks. These methods could include the following:

  • Expert judgment
  • Analogous estimating
  • Parametric estimating
  • Bottom-up estimating
  • Three-point estimating
  • Reserve analysis
  • Cost of quality
  • Project management estimating software
  • Vendor bid analysis

You will be responsible for using your plan that you developed in Weeks 2 and 3 to estimate your budget for your key assignment project. You should apply 2 of the above methods to determine a worst-case scenario budget. Please put your calculations in a spreadsheet similar to the following:

Deliverables

The following are the overall project deliverables:

  • Update the Key Assignment document title page with a new date and project name.
  • Update the previously completed sections based on the instructor’s feedback.
  • Create the following new section:
    • Costing Methods and Tools
      • Select 2 of the costing methods, and discuss why they will support developing a realistic budget.
      • Provide an example of computations for a few of the activities for the 2 selected methods.
      • Fill in a table similar to the example table so that your 2 different total project budgets are based on the 2 selected methods.
      • Discuss what type of contingency budget you will put in place based on the 2 budgets to mitigate an underestimation.
  • Name the document “LastName_FirstName_MPM434_IP4.doc” (Note that this is the same document that will be submitted as the Key Assignment draft).
  • Submit the document for grading.

 

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