Project Estimating Techniques Essay Example for Free

Project Estimating Techniques Essay Introduction   Ã‚  Ã‚  Ã‚   Project estimating techniques are important to project managers, because they provide them with accurate predictions on which good planning and risk assessment are more soundly based. An estimate is used as an assessment tool to determine the quantitative outcome of a project. Project estimation is important because it justifier’s the project, usually at the initial stage of the project. This is because it enables the project managers to compare the costs with the anticipated benefits, thus determining the profitability of the project. Project estimation is important because it assists in enforcing the various disciplines required to make the project succeed as well as enabling everyone understand the impact of the project. Project estimation is usually based on three components, which include experience, expert judgment and task decomposition. In experience, the project is compared with projects that have been previously completed. In task decomposition, the project is decomposed into various components known as work breakdown structures and estimating the outcome of each work package. (Rad, 2002). Cost estimation technique   Ã‚  Ã‚  Ã‚  Ã‚   Cost estimation and budgeting involves estimation of the cost allocated to various duties in the project and the budget for each duty. The initial cost estimation of a project determines the fate of that particular project. It is very important to make accurate cost estimation, because if the cost is over estimation, there is a high likelihood of losing the project. Cost estimation involves identifying various elements, which include resources that are required for the project profits to be made from the project, overheads involves into the technology and the total expenses of the project. The total costs of the project should be analyzed in relation to the work packages of the project. In cost estimation, the total budget cost of each work packages in the projects identified and the process distributed over the time spent on each work package. The cost of each work package is then determined based on the activities and time spent on the package. The cumulative budget cost is used to determine the cost spent over a period of time and it analyzes the cost performance of the project.  Ã‚   The cumulative budget cost is used as a baseline against the actual cost and performance of the project. While preparing the cost estimation budget of a project it is important to consider decision-making processes, investment opportunities and performance reviews. During the project, project managers are advised to keep tract of the committed cost as well as the actual cost by collecting data and maintaining it in an information system. The committed cost should be set aside because it is money that has to be paid out in future. Another important element in cost estimation is determining the earned value for a project. This is determined by the value of work that has been performed and requires collection of data on the complete percentage of each work package. ( Lock,2007). Base and contingency estimation   Ã‚  Ã‚  Ã‚  Ã‚   In base and contingency technique, the estimation involves two components the base and the contingency. The base is referred to as the minimum expected time that is required to complete the project if everything goes as planned. The contingency is the level of trust that is usually placed on the base when all risks taken are put into account. Contingency costs are set aside only for unexpected events and omissions that may arise during the project. Separating the base and contingency cost is determined by considering everything that fail or go wrong during the project. The contingency cost is determined by using the risk analysis technique. Importance of project estimation techniques in an organization base and contingency estimation in an organization, the project manager is required to take into account all the wide risks that the project may encounter. The manager is also required to undertake a risk analysis and determine the appropriate amount of contingency to be set aside. The project contingency can be estimated by determining the money and resources to be used in the project. In order to produce an estimation of the project, the project manager is required to decompose the project into various tasks, otherwise known as a work breakdown structure. The project manager will then estimate each task as appropriate, add the estimates together and finally add the project contingency. Contingency estimation is usually based on expert judgment dependent on various cost engineering. Cost estimation   Ã‚  Ã‚  Ã‚   The cost estimation technique in an organization is required in order to support good-decision making processes as well as making a schedule of the work. Project managers use the cost estimation technique to determine whether the project is worth the effort being put into it. The development of cash flow needs and time-phased budgets requires a proper cost and time estimation technique. Project estimation is important in an organization because it enables them decide whether investing in a certain project is good for the company. (Verzuh, 2005). Conclusion   Ã‚  Ã‚   Project estimation is the foundation of planning a project because it establishes appropriate targets for the cost and the work packages. Project that are planned based on unrealistic estimations turn out poorly and with very high budgets and schedules. In order to achieve reliable estimates, the project scope should be well identified and defined. If the product scope is defined as unrealistic, then the estimation may be inaccurate therefore leading to very unrealistic targets; initially the project estimation is based on decomposition of the project into work packages. Project estimation is thus, essential for project planning and target setting. Reference Rad, P. F. (2002). Project estimation and cost management. Management concepts. Lock, D. (2007). Project management. Gower publishing Verzuh, E. (2005). The fast forward MBA in project management. John Wiley and sons.

The Legendary Musician, Ray Charles Robinson Essay -- Biography Biogra

The Legendary Musician, Ray Charles Robinson Ray Charles Robinson was born on September 23, 1930 in Albany Georgia. His father was Bailey Robinson, a railroad repair man, and his mother was 'Retha. His father never married his mother. His legal wife was Mary Jane, who also helped to raise Charles. By the time he was three, young Charles was learning to play the piano. When he was five his brother, who was three at the time, drowned. A few months later Charles got the disease that would make him go blind by the time he was seven. After he became totally blind at the age of seven, Charles went to a school for the blind in St. Augustine, Florida, where he learned to play the trumpet, the saxophone, the clarinet, and organ, though his preferred instrument is still the piano. When Charles was 15, his mother died from food poisoning. He decided to become a musician soon afterwards and he set out on his own. He played with various band throughout Florida until he was seventeen. He then wanted to get as far away as possible from Tampa and also stay in the United...

Different strategies Essay

Using guidelines on viewing, interpreting, and evaluating visual imagery, examine a visual image for its meaning. Develop a written analysis and evaluation of the image. The image viewed is that of a building plan of the library. The image contains lines and boxes and labels of the different sections of the building. The image is presented as a whole and viewing it as separate sections would likely destroy the meaning of the image. The image also communicates to the viewer the whole structure of the building and one viewing it can identify his/her spatial location in the building. The image is able to tell the viewer that the building is large, has several entrances and exits, it also tells one the nearest comfort room, librarian’s desk and where a specific book, journal or material is located. Generally, the image is simple and straightforward and is able to communicate to the viewer important information about the library. Explore how different texts require different reading strategies. Select a novel chapter, a textbook chapter, a magazine article and a web page, and engage each text and take appropriate notes. Then, reflect on how the different texts call for similar and different strategies. Taking notes when reading a chapter from a novel is difficult to do, it’s that we have been trained to read a novel as a complete story, and the notes I had were incomplete and did not really tell me what the story is about, it was just a set of conversations I found interesting. Reading a textbook chapter is different because it contains a lot of information and the text is arranged to focus on one topic, hence my notes were many and upon reading it, it was actually a summary of the textbook chapter. A magazine article calls for light reading, and unless one is really looking for specific information, nothing is there for me to take notes. Most of the information in magazine articles is commonsense and opinionated and one is moved to argue against the article or agree with it. Reading a web page is similar to the magazine article, however, one notices that the message is incomplete or there are more articles related to it that taking notes is impossible but one web page leads to another. Reread one of your recent essays. How does the writing show that you thoroughly understood your subject, met the needs of your audience, and achieved your writing purpose? I believe that my essay was able to communicate that I had a good understanding of my topic because the thesis statement was focused and enabled the reader to identify the direction of the essay. Moreover, the essay provided a brief but information-rich discussion of the topic and its background. Then it proceeded to present my arguments and it was backed by existing information from reliable sources. I also was able to provide an alternative argument so that the reader would be given the opportunity to agree or disagree with my arguments. I then finished it with a short summary and conclusion and an invitation to the reader to engage in the same. Review the wording of a recent writing assignment. What are the key words, restrictions, and options? What does the description tell you about the purpose, audience, form, and assessment of the writing? What strategies from this chapter would you use to get started? A recent writing assignment I completed was the personal essay about the most influential person in my life. The key words for the assignment were influential person, inspiration and learning. Since it was a personal essay the only restrictions was that names should not be used, although one could identify the relationship of the person to the writer. The option given was that in the event that one could not identify a person, then it could be a personal experience. The writing assignment implied that it was going to be a personal essay that the use of first person is allowed and that it was casual and emotional and the purpose is to share with readers a very personal part of my life. I would be able to use the brainstorming exercise, as well as the dialogue writing and how to convey emotions in what we write.

Farm to Table Essay - 1253 Words

â€Å"Don’t put that in your mouth!† Many of us remember our parents saying those very words whenever we would try to sample some odd find, whether it was a toy, rock or plain old dirt. Nowadays, more and more people are saying just that in regards to fruits and vegetables grown the conventional way, and saying yes to organically grown produce. From healthier food to an economic boost to helping protect our environment, organic produce has several advantages over regular produce. Perhaps the most important benefit is to the consumer, in terms of health benefits. More and more studies are showing that organic produce may contain more of the stuff that’s good for our bodies: vitamins, minerals and antioxidants. Nutritionist Virginia Worthington†¦show more content†¦Many of these pesticides are harmful to humans and animals in addition to the insects they’re designed to eradicate. Each year, more than a billion pounds of pesticides enter our environment in the United States alone. Taking those chemicals out of the soil and water supply can reduce the occurrence of health problems in communities, according to the Organic Trade Commission (â€Å"Health Benefits†). Some of these pesticides may contain cancer-causing chemicals. The President’s Cancer Panel released a report in April 2010 discussing the sources of such carcinogens: The number and prevalence of known or suspected carcinogens is growing. Many environmental contaminants are manufactured synthetic chemicals; waste and by-products of industrial processes; chemical fertilizers, pesticides, and other chemicals used in farming and for landscaping; chemicals used in other commercial activities; combustion by-products of petroleum-powered engines; water disinfection/chlorination by-products; and both man-made and natural sources of radiation (Reuben 16). One of the basic tenets of organic farming is to use as few pesticides as possible, therefore reducing the number of chemicals in the environment. 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