Question Details

Phase 4 Discussion Board I. INTRODUCTION There are many ways to forecast the timetable and expenses of a project. I am aware that the forecasting


I need same content with less than 20% plagiarism and discussion board and individuals thank you so much you did great job last time


Phase 4 Discussion Board I. INTRODUCTION

 

There are many ways to forecast the timetable and expenses of a project. I am aware that the forecasting methods I utilize and their precision will influence the CIO's viewpoint of my

 

work. The company’s CIO would like for me to focus on the subsequent matters in a report for

 

the many group participants involved with the email system upgrade project: What are the benefits of inflating a project based on PERT estimations or incorporating

 

risk? What are the pitfalls of inflating a project based on PERT estimations or incorporating

 

risk? II. How does this technique compare with estimating or forecasting techniques you have

 

used in the past? PERT

 

PERT, Program Evaluation and Review Technique, is an estimation method that utilizes the weighted-average of three figures to establish an approximation of the tasks necessary to

 

complete in a project. The optimistic figure is when activities in a project are completed perfectly

 

from start to finish, which would result in the lowest amount of time to complete. In other words,

 

the optimistic estimate is the best possible time it would take to complete the task. The

 

pessimistic figure is when activities in a project are completed with everything going wrong from

 

start to finish, which would result in the highest amount of time to complete. In other words, the

 

pessimistic estimate is the worst possible time it would take for the task to be completed. The

 

most likely figure is when normal issues occur and is founded on the length of the task, the

 

allocated assets, the accessibility of members to complete the task, and any delays. The PERT

 

formula is E = (O + 4M + P)/6, where O = optimistic value, M = most likely value, and P =

 

pessimistic value. This formula is a weighted-average where the most likely estimation is

 

weighted 4 times more than the other two estimates in order to avoid the PERT estimation being

 

seriously slanted in a single way. (PMBOK, 2013)

 

The PERT estimation will be either somewhat in the direction of the optimistic estimate or

 

somewhat in the direction of the pessimistic estimate, contingent upon which is farthest from the

 

most likely estimate. Typically this moves the estimation closer to the pessimistic value due to

 

the fact that it tends to be farther away from the most likely figure than the optimistic figure.

 

(Kalpana, 2013) III. PERT ADVANTAGES AND DISADVANTAGES

 

There are several benefits to utilizing PERT, which include: PERT compels managers to strategically strategize and examine how all of the pieces fit into the entire project

 

PERT permits the PM to forecast a timetable and expenses of the project prior to starting

 

PERT is a forward-looking management tool for managers

 

PERT gives emphasis to on-time conclusion of the project and evades postponements

 

PERT empowers the willpower of the likelihoods regarding the timetable of tasks and project completion

 

PERT proposes ways to increase proficiency and reduce expenses

 

PERT offers current material of the project so postponements and disruptions can be decreased

 

PERT contributes with organizing the various tasks of the complete project There are also some pitfalls of PERT that exist and include: There are times when all tasks cannot be listed prior to the start of a project

 

The theory that a project can be split into independent tasks is not always the case

 

PERT is grounded on estimations and there could be faults in them

 

PERT necessitates numerous updates and revisions of computations

 

PERT is an extensive and time intense application that necessitates extremely

 

skilled workers (Kalpana, 2013) IV. COMPARISON WITH PAST USED ESTIMATING

 

TECHNIQUES

 

In the past I have utilized several different estimating methods including: Expert Judgment – utilizes experts to approximate expenses Analogous Estimating – utilizes past figures from comparable projects to

 

approximate costs Parametric Estimating – utilizes numerical modeling to create an expense

 

approximation Bottom-Up Estimating – utilizes the approximations of single tasks and then

 

adds them together to get a project estimation Reserve Analysis – utilized to decide how much unforeseen event reserve, if

 

any, needs to be assigned to a project Vendor Bid Analysis – utilized to approximate expenses by analyzing the bids

 

received by several vendors for a project (Project Cost Estimating Tools &

 

Techniques, 2016) Utilizing PERT was a pretty simple calculation to come up with an estimate for the

 

project when compared to the above methods. The degree of doubt is a factor with many of the

 

days estimated to complete a task due to the potential risks that could occur and make the task

 

take several days longer than what was estimated. Project managers always need to keep in mind

 

that estimation always contains doubt. Doubt is created from low experience, how far in the

 

future some tasks may be, the length of a project, and the number of people available to work on

 

a project and their accompanying knowledge and skill set. (Project Cost Estimating Tools &

 

Techniques, 2016) V. REFERENCES A Guide to the Project Management Body of Knowledge (PMBOK Guide). (2013). Project

 

Management Institute. Retrieved from https://www.pmi.org/pmbok-guidestandards/foundational/pmbok

 

Kalpana, R. (2013). (PERT): Origin, Methodology, Advantages and Limitations. Business

 

Management Ideas. Retrieved from

 

http://www.businessmanagementideas.com/business/pert-origin-methodologyadvantages-and-limitations/535

 

Project Cost Estimating Tools & Techniques. (2016). Project Management Skills. Retrieved from

 

http://www.project-management-skills.com/project-cost-estimating.html

 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 15, 2019

EXPERT

Tutor

ANSWER RATING

YES, THIS IS LEGAL

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now