MGT 172 Chapter Notes - Chapter 5: Work Breakdown Structure, Reference Class Problem, White Elephant
27 Jan 2019
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Document Summary
The accuracy of time and cost estimates should improve as you move from the conceptual phase to the point where individual work packages are defined. Long-duration projects increase the uncertainty in estimates. People factor can influence quality of time and cost estimates (skills) Dedicated project team: advantages include speed gained from concentrated focus and localized project decisions. Additional cost of tying up personnel full time. Matrix: reduce costs by more efficientyly sharing personnel across projects but can take longer to complete. Giving more time and cost estimates to be safe. Other orgs place premium on accuracy and strongly discourage estimating gamesmanship. Nonproject factor can impact time and cost estimates. 5. 2 estimating guidelines for times, costs, and resources. Top down estimates: derived from someone who uses experience and/or information to determine the project duration and total cost. Sometimes made by top managers who have very little knowledge of the component activities use to complete the project.
