Answer to Question #266108 in Marketing for Saif

Question

a. Consider a hypothetical project of conducting Annual Day in your university. Explain the triple constraints of a project in this context. Include diagram for these constraints and write examples for each constraints. 

b. India’s Road and Transport Ministry has taken-up various Expressway Road Projects in the country. One of the such project consist of following broad scope of work a. Constructing roads b. Constructing tunnels c. Constructing bridges over river d. Constructing flyovers and junctions e. Constructing convenient places (fuels stations, rest areas, etc.) f. Developing a solution for speed monitoring g. Finding suitable road material for areas in heavy flood zone

List different cost estimation methods. Explain any three methods which can be used in this project. Suggest which one will be the best method for this project.

Answer 1

a). The three primary constraints that project managers face include time, scope, and cost. These are regularly known as the triple constraints or the project management triangle.

Methods of Cost Estimation in Projects.

1) Expert Judgement Method- making a ruling based on expertise, skill, or particular knowledge. 

2) Analogous Estimating Method- uses data from alike projects to establish a cost approximation based on the information available.

3) Parametric Estimating Method- uses an arithmetical association among historical information and other variables. 

The best Method 

The analogous Estimating Method is the best method since it works with empirical evidence hence allows for proper budgeting.