Posted: February 1st, 2024

Estimate approach for estimating the project cost – Project Management

Estimate approach for estimating the project cost – Project Management

Question 1-

(a) Based on the CEO’s direction, you are to appraise the priority of the project by constructing a project priority matrix.

(b) Appraise four (4) relevant conditions in deciding to use the Top-down or Bottom-up Estimate approach for estimating the project cost. For each condition, explain the preferred approach and whether the approach is suitable to SWL for RCS Project. Recommend the overall best approach and explain one estimation cost method to SWL.

Question 2-

SWL will contract the consultancy to Tron AG. The reinforcement of the Sky Rock’s structure will also be outsourced to Tron AG implementation team, supervised by the project member, Hashim. Tron AG’s performance will have a major impact on the success of the RCS Project.

(a) Examine two (2) advantages of outsourcing the works mentioned above to Tron AG.

(b) Analyse and discuss how you can adopt three (3) relevant best practices in outsourcing project work to manage Tron AG.

Question 3-

(a) Prepare and present in a single diagram, the Gantt Chart view of MS Project with columns shown for Information, Task Name, Duration, Start Date, Finish Date, Predecessors and Resource Names. State the project completion date and any resource conflicts observed.

(b) Due to the specialised skills required, tight project schedule and full dedication of the team required in this project, resource conflicts cannot be solved by transferring the task to other people, multi-tasking or adding in more manpower. Hence they can only be resolved through resource leveling.

(c) You are also aware of the need to fully meet the new safety requirements, and hence no reduction of work scope is allowed. For any resource conflict that cannot be solved within the original schedule, perform a resource levelling beyond the deadline. (Carry out the same steps in Q2(b), except uncheck the box: Level only within available slack).

Question 4-

The project progresses on. Several issues occurred during the implementation period:

(1) Due to the appreciation of the Japanese Yen, the motor cost (Activity 4) increased by 5%.

(2) The entrance to the worksite (Activity 6) was found to be too small. Enlargement has to be made with additional cost of $4000. Luckily this does not affect the schedule.

(3) You negotiated with Tron AG (Activity 3). They agreed to give a 10% discount on the consultancy fee.

(a) Modify the Fixed Cost cells in the Cost Table to incorporate the above changes.

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