BSBPMG512: Analogous Estimating - Important Issues or Features And Express Some Form of Critical Judgement - Business Management Assessment Answer

TASK

Provide answers to all of the questions below:
1. Explain each of the following estimating techniques, and how each can be used to determine task duration and resource effort.

•  Analogous Estimating: Analogous estimating is the act of using former projects to estimate how long or how much a current project will take or cost. In other words, it is a technique that centres on comparison. This means that the more data that is available, the better the estimate will be. 
• Parametric Model Estimating: Parametric estimating, a more accurate technique for estimating cost and duration, uses the relationship between variables to calculate the cost or duration. Essentially, a parametric estimate is determined by identifying the unit cost or duration and the number of units required for the project or activity.
•  3 Point Estimating: Three-point estimate is a technique that uses three estimates to better Understand the duration and cost of an activity. The three estimates are pessimistic estimate which is the worst case scenario, optimistic estimate which is the best case scenario, and most likely estimate which is the mostly likely to occur.
•  Expert Judgment Estimating: Expert Judgment is a term that refers a specifically to a technique in which judgment is made based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area, or product area, a particular discipline, an industry, etc

Vendor Bid Analysis: It is a technique used to figure out the cost of a project by comparing the bids submitted by many suppliers. This can be accomplished by considering the costs (via quotes, bids, proposals, etc.) presented for project work. By using a selection criteria divided into categories, vendor proposals have to meet these criteria or may be eliminated.

 Reserve Analysis: Reserve Analysis is one of the techniques used to determine a project budget. During Reserve Analysis, a project is analysed from a cost overruns point of view and buffers are placed in appropriate place. These buffers are called Contingency and Management Reserves

 Bottom Up Analysis: Bottom-up investing is an investment approach that focuses on the analysis of individual stocks and de-emphasizes the significance of macroeconomic cycles and market cycles. ... Bottom-up investing forces investors to consider microeconomic factors first and foremost.

2. Describe what the critical path of a project is, and explain the steps used to identify it using the Critical Path Method.
3. Explain what a project baseline is.
4. Explain the procedure for establishing project baselines
5. Explain how to manage adjustments to a project baseline due to a major change to scope or cost.
6. Explain how project variance is most effectively managed.
7. Summarise the project life cycle phases and describe each phase.
8. Summarise the following key tools for project scheduling

•  Schedule Network Analysis
•  Critical Path Analysis
• Schedule Compression

9. Explain three best-practice time management methodologies. For each, summarise their capabilities, limitations, applications and outcomes
10. Explain how a work breakdown structure is used to create project schedules.

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