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Project Management
Accurate estimates are critical to effective project management for several reasons. They are first used to determine the return on investment of the project, enabling management to decide whether or not the project is worth doing. Then they are used to help develop a timeline for the project, and a schedule of cash flow needs. Throughout the life of the project, the estimates are used an a point of comparison to help give management a sense of how well the project is progressing.
The bottom-up estimating approach starts with the people who will be doing the work. The project's tasks are broken down into components and the person responsible for each component gives an estimate of how much it will cost. Because of their expertise, this is the most accurate way to build costs. The top-down approach begins with senior management. They build estimates based around similar projects, group consensus or some sort of mathematical relationship. These estimates are often quite rough, but they are easier to obtain.
The conditions under which I would prefer bottom-up are situations with high risk or high cost. In these situations, it is imperative that the cost estimates produced are of the highest possible standard. I would also prefer the bottom-up approach for projects that are totally unique in the company's history. Without any basis for an estimate from management, it would be best to break the project down into component parts, not just to gain an estimate but to gain a sense of what difficulties might arise during the project's lifespan.
I would prefer the top-down method for relatively routine projects, in particular those with low risk or low cost. The estimates for these projects need not be accurate, and therefore the cost of producing the estimate should kept as low as possible while maintaining some semblance of accuracy.
Project Management Elements of Business: Project Management Postings to the Discussion Board The Critical Path of PERT charts Successful realization of business goals of any organization, there has to be an efficient project management in control. Most performing organizations bare witness of how the good managerial functions and change has brought to them. The critical path will always entail the sequencing of duties and events, to ensure that a project is not delayed. The
Project Management Project Information, History, Intent, and Life Cycle Gray and Larson, (2008) define project as "a temporary endeavor undertaken to create a unique product, service, or result." (p 5). Essential feature of a project is that it has a defined beginning and end often subject to time or fund constraint to achieve stakeholder's goals and objectives. Gray and Larson (2008) differentiate between project and program. "A program is a group of
" (Lavell & Martinelli, 2008) Mark Kozak-Holland emphasized that the most critical aspect of the Great Escape project was risk management. The work of building the tunnels was extremely dangerous -- danger of collapse of the sandy soil and bad air in the tunnels. The airmen had to place a high probability on the Germans discovering the plot owing to the traces of the excavated soil and nosy guards. The
Project Management Project Title: Opening of Branch Store in La Jolla CA. Project Manager: SELF The main store is located in Del Mar and is the only store that serves the entire community plus the extra population that comes in to shop here from surrounding towns and neighborhoods. The long distance that the clients have to cover has been a concern for both the clients and the management as well. It is from
Project Management Review the "Lessons Learned" section of the project risk diagram. Describe how the Lessons Learned activity helps you become a stronger project manager, who else it helps in the project team and also describe how it helps PMO. 200 words Documenting the lessons learned is one of the most important aspects of the closure phase of the project. It is important to an individual project manager because they can reflect
Project Management The baggage handling system (BHS) project is in motion. Initially, our company Boeing Airport Equipment Automated Systems, Inc. (BAE) stipulated that no change requests should be accepted. However, it is proving impossible to ignore the influx of change requests from major stakeholders, namely the airlines. As project manager, I have determined that our policy regarding change requests should itself be changed, from a public relations standpoint. We cannot risk further