05 Jun Question Please write in complete sentences. You should work on this assignment as you complete your reading assignment and view the unit multimedia presentatio
Question
Please write in complete sentences. You should work on this assignment as you complete your reading assignment and view the unit multimedia presentations.
CHAPTER 8
Cost estimation is the first step in the cost management for a project. Identify and describe three common sources of project costs. (Your textbook lists five common sources of costs.)
Distinguish between:
direct and indirect costs.
recurring and nonrecurring costs.
fixed and variable costs.
How are top-down and bottom-up budgets created? What advantages does each approach hold over the other?
Calculate the direct cost of labor for a project team member using the following data:
• Hourly rate: $40/hr.
• Hours needed: 120
• Overhead rate: 45%
What is it important to allow for budget contingencies?
CHAPTER 9
Define the following terms. You do not need to write in complete sentences.
Path
Activity
Early start
Late start
Forward pass
Backward pass
Node
AON
Float
Critical Path
PERT
What is laddering? How might you use laddering in project management?
Your textbook presents eight ways to reduce critical path. Select one approach that you believe is the most effective. Discuss this approach and explain why you selected this as the most effective.
CHAPTER 10
What is project crashing? What is one reason why crashing a project might be important?
In crashing a project, we routinely focus on those activities that lie on the critical path, not activities with slack time. Explain why this is the case.
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