In this report we are going to answer the questions of given case studies. Cost estimating is one of the main project management methods. You may use it for various reasons, such as whether a company needs to know the cost for a deal to quote the best amount. In the middle of the project, if big changes arise, you can need to use this method. When the need happens, it can always be replicated. Cost evaluation is the method of project expense estimation with a given framework. The United States GAO describes cost forecasts as "the summation of individual cost elements by means of proven methodologies and relevant data in order to predict the costs of a programme in future, based on what is currently understood." The PMBOK describes the cost prediction process as "the process of calculating the costs of services needed for completing work on the project." You can accurately predict project costs if you grasp them. Nearly any war appears to have an economic root source. This war has been no different in Europe since the early 19th century. The major forces of England, France and Russia are the three military actors in the war. The biggest competitors in Europe are France and England. Russia is also interested in another state. The French decided to carry out their England trade embargo, limit the European market's exports and thereby stifle the country's economy. Every nation that defied the blockade was targeted by the French. Candidates for this break threatened battle with the Grand Army of Napoleon, the most revered army ever.
Case study 1:
Case study 2:
In this report, we aim to discuss 2 case studies provided. Regarding one of them, the informal slogan of Software Guru Group (SGG), a private company 's team, was to "create maximum product efficiency." The same company's consumers, branches, decided to the slogan itself. SGG did a decent job of creating almost no glitches of software applications. Customers were satisfied with the product, and the real costs of the programmes were not much at issue. S GG will actually request an estimation of the order-of - magnitude (a rough calculation) from 1,000 to 10,000 hours for the project to be accepted and paid for by the customer. The corporation eventually became a public company and took over the benefit orientation movement and proved cost effectiveness. All division managers were pushed off and younger, profitable division managers were brought in. Unable to adapt to trends. The shift had a lot of influence on the group. The cost estimation game has changed as well. Now SP Party has been asked to offer clearer and more reliable project cost forecasts and to provide documentation of those figures (Wells, 2012).
Regarding second, it is interesting to note because, for example, the best of the best is to pursue the usual risk-taking approach, which will be one of the most common strategies such as PMBOK in this situation. It has six processes: managing risk management; risk identification; qualitative risk analysis; quantitative risk analysis; planning risk response; and tracking and controlling risks. As a venue for high intelligence, major parties and balls definitely contained more than, say, technical risk analysis, risk assessment and risk preparation procedures. Risk incidents like a withdrawal approach and Russian winter have not been subject to risk assessments, risk management plans or risk analysis and regulation. In the Segar book no specifics suggest a workaround or adaptation of Russia's military policy as a legitimate military strategy. At all, however, in Russian terminology, the French learned about the French actions but did not try to discourage it or to learn how to move soldier’s faster
Cost estimating is one of the main project management methods. You may do this for many reasons, such as understanding the expense to sell a project at the right amount. In case of big changes, you may have to use this method in the project. Whenever the need arises, it can be replicated. Costs are the calculation method with a given set of costs of the project. The US GAO describes cost forecasts as "summing up the cost components of particular programmes, using existing and reliable evidence to predict the possible costs of a scheme, based on what is understood today." The PMBOK describes the cost estimating method as "the process of creating a cost estimate of the services required to carry out project work." You can accurately predict project costs if you grasp them.
Analogous Estimation: Typically used where not much is known at the outset of the project. The existing project is associated with other related ventures. A fast and reasonably simple estimation process, but not exceptionally precise. Analog estimates are the least reliable, among others, and bottom-up estimates are the most precise. This method varies from the calculation of operation duration; however, both use the same measurement methods. The first is intended to waste money and the second is intended for the necessary duration. If little project knowledge is available, you use this technique. This approach would not have a trustworthy calculation. The advantages of this technology are a simple and easy outcome. Here, by matching this with some comparable project in the past you approximate the costs for the project. You will review the historical documents of the company. You will then use your professional opinion to calculate the cost estimation of your proposal. You pick one which is nearest to yours because the company has undertaken several related ventures. You then draw a comparison to current and prior programmes and make improvements to get the cost of the job.
Parametric Estimation: This approach uses observable variables independent of the project function. The cost of constructing a building, for example, is measured on the basis of the smallest value, as costs for building a square foot are estimated on the basis of the number, as code lines on a software development project. This approach makes the project prediction more precise. The parametric estimate, like the analogue estimate, uses historical cost measurement data; moreover, statistical data are used. It takes and adds variables from related programmes to the present one. For instance, you take the cost of concrete per cubic metre from your previous projects, find and calculate the amount of concrete used in the current project. This shows you the overall cost of your project. In the same way, the costs of other factors can be calculated: staff, supplies, products, machinery and so on.
Bottom Up Estimation: Used where essential descriptions of the procedure are inaccessible. The actual length or cost estimation is calculated by a thorough review of services, capacities, and quantities. This is the easiest, but still the costliest and time-consuming way to determine. This approach is used where the needs are understood in a discrete manner where the smaller components are added to assess the project as a whole. This is typically used where only smaller bits of the details are understood.
Three-point Estimation: This strategy employs a statistical approach, as the weighted average of the job kit positive, most probable and negative. Sometimes this is called PERT. The uncertainty accounts associated with the estimate are a positive (best, O) most probable (represented by M) and pessimistic (worst, P) scenario calculation. The calculation is most likely to be weighted.
Bottom up estimating:
The bottom-up calculation is a method in project management in which the individuals who do the job are involved. The staff, contractors and other project team members are usually workers. I, as the project manager, am partnering with you to create forecasts for activities in the WBS. The estimation of the work length, duration and cost at the job level helps you to incorporate it in forecasts of higher deliverables and the entire enterprise. The lowest estimate is the most reliable way to predict project expense and length. Most of the time it still takes. The whole project team has the ability to assist in the creation of calculations used for calculating their progress using this estimation methodology. Consequently, the downstream estimation continues to establish a higher degree of engagement by project teams than other assessments (such as parametric and analogue). However, the downward strategy is disadvantageous since it takes longer than most measurement methods. A second challenge is that you must wait for the bottom-up decisions to be made until you know who is on the squad. (Ahmad et al., 2020).
Bottom-up Estimating: Working Your Way Up
In the bottom up estimation, you take a three-stage process which works in the working frame structure (WBS) from the smallest level of detail. You start to estimate from the bottom up by creating a robust WBS job kit. You explain how much and how much each team member is delivering in the job kit. The cost and length of the project, and the risks involved, are defined. This job kit is like a deal for your job with your team mate. In order to work with as little as possible padding of the estimates the bottom-up estimation technique is required. Crew members change their forecasts and their task extends without any changes to the projections. They are worried. You fear that the extended period will end late and you are accused of violating your dedication.
A similar result can arise if external events impair their ability to accomplish the mission within the estimated period. Owing to these reasons, work packages are an effective tool to communicate directly to a team member that the process will be re-opened by any modifications to the work package. In this way, it defends them from changes in nature for their activities. For this purpose, the job kit records the outcomes, the threats and the solution to the mission. You enter the calculations of the team partner and both of you sign the contract. The apprehension of team members historically burnt by the assessment process is also largely reduced.
In terms of the accuracy of estimations, considerations contributing to project individuality may have a significant impact. In order to increase the consistency of the project times and costs forecasts, product, persons and external considerations should be considered.
The Planning Horizon: where current events predictions are almost 100 % accurate, but for further events are limited.
Long-term projects boost forecast complexity.
The accuracy of predictions relies on people's ability to measure them. The right people will affect efficiency and time of learning if they fit to the right work. Had the team members partner on related projects in the past. Fast turnover rates of workers may impact forecasts. Present time spent every day on a project, except workshops, records, responses to emails / phone calls, will affect forecasts (Williams III, 2020).
The organisation's project structure can impact projections of time and costs. If the group is a committed team or a matrix structure in the Practical Entity will affect the forecasts. This pace is balanced by a cumulative communication rate for employees. Converted matrix projects can decrease costs by distributing workers more evenly between projects, but they can take longer to complete because focus is fragmented and teamwork requirements are greater.
Where time and costs are demanded, most prefer to add a little padding to maximise the chances and decrease the chance of late use. Most of them are likely to add some padding to raise the likelihood and decrease the chance of interruption in working conditions as time and costs are called for. If everyone applies a bit of padding to minimise risk, the length and expense of the project are severely overestimated. This tendency leads to a 10—15% decrease in time and / or expenses for the project for certain administrators or stakeholders. The person calculating the expense and/or time will, of course, pad the calculation up to 20 percent or more the next time the game is played. Obviously such games are undermining opportunities for rational forecasts to be competition-oriented.
Padding is accepted and sometimes promoted in some organisations, where it is not to be allowed in others. Culture of the company will affect project forecasts dramatically. Estimates are accepted and often secretly promoted in some organisations. Few organisations make a premium for specificity and actively oppose gaming forecasts. The value of estimates varies among organisations. The mind-set of quantity inspectors in relation to a number of factors influences Accuracy estimates: project size, number of officers, position and type of project, contract period, design scope, cost data, position and other considerations.
Finally, variables outside the project may affect projections of time and costs. For starters, downtime equipment may adjust calculations of time. The project estimates will affect national holidays, holidays and legal limitations. The priority of the project can affect the allocation of resources, effect time and costs. The assessment of the proposal is a dynamic operation. When these factors are included in the calculation process, the consistency of the time and cost calculations can be increased. Time and expense forecasts together allow the planner to create a timely and project planning schedule (Frame et al., 2020).
It is interesting to remember that the Grand Army is adopting the usual risk approach, including the better policies that have been approved, such as PMBOK. The best of the best, for example. It has six processes: organising risk assessment, recognition of risks, qualitative risk analysis, quantitative risk analysis, risk response preparation, and monitoring and danger surveillance. As an example of top intellect, large groups and balls actually covered more than, say, qualitative risk analysis, risk assessment processes and risk recognition. It was not clear that risk incidents such as a preparation for withdrawal and the Russian winter had to undertake risk analysis, risk response planning or risk detection and monitoring. No detail in Segur's book suggests that Russia's continuous withdrawal is a legitimate military strategy for the reduction or modification of the military strategy. So the French learned at all of Russian intentions, but did not take steps to deter it or prepare to move troops more quickly. The French learned Russian intentions.
As for Charles XII 's writings, they had substantial effect amongst the Grand Army's top officials. He carried out a kind of risk assessment training and identified risks like those in the book and qualitatively evaluated risks by explaining the strong influence of the year. However, we do not see that Napoleon carried out any risk study, let alone risk management and control measures. In his offensive policy, Napoleon could not adjust to the Russians in the winter. After learning Charles' message not to attack Russians in winter, he still did not pause. If Napoleon's solution is not enough, we conclude that Charles' suggestion has not really been listened to. He undoubtedly found its Grand Army's efficiency incomparably superior to that of the Swedes. The truth is, the observers found the superiority of France to be a stronger army, but they understood the geography and the situation in Russia. Perhaps Napoleon was right, maybe not, to execute his men.
As a wonderful prize, Napoleon considered Russia. Yeah, the surrogate cause of his assault was used for Russian suspected blockade violation, but that was not shown. Any reports spread claiming that Napoleon was the second most effective general of all time. First), hoped that Alexander the Great would be overtaken and become number 1. It was probable, but such were Napoleon's aspirations, sometimes referred to as the Anti-Christ and European tormentor. Indeed, all European nations were comprised of the Grand Army (Damnjanovic & Reinschmidt, 2020).
79,000 Bavarian and Italian troops, as well as 34,000 Austrian troops existed for example. The Great Army was a European army microcosm. But they didn't participate in the military; because France oppressed their country they had to fight. His army could face the uprising of foreign troops in case of the dire loss of Napoleon, which meant that war would be able to liberate Europe from Napoleon 's dominance. Finally, in Europe, waves of social revolt sensed. The hope of Napoleon was that the Russian farmers would embrace and support their own revolt. He was mistaken, but he believed the movement would be spread and his theories developed.
The fight was highly significant when we talked of the Borodino. It is not clear scientifically what measures were also taken in a risk study. This includes risk assessment planning, risk assessment, qualitative risk analysis, quantitative risk analysis, planning risk response and tracking and control. However, Napoleon was furious at Borodino's decision to allow the Russians to escape for a moment and he accused some of his generals of treason. Perhaps French nationalism played a part, or Napoleon would have made it appropriate to fight another war, but the error of letting the Russians go and not keeping them central to their danger plan was an error (Ledesma et al., 2020).
It was not the joy of the French to see such a possibility again. Besides public relations, the importance of an abandoned and burnt Moscow was another big factor. It was a time for diplomatic measures to yield to Russia. Napoleon did not believe the Russians would give up but instead decided to give it up. He thought that at this stage, and some French generals too, Russians had the advantage. "With just 90,000 men, Napoleon reached Moscow." This negotiating game will only buy time for one cause to extend the French stay on Russian soil to winter. The six risk policies of PMBOK were not of common value under those circumstances. More specifically, by that time the French ship had already sunk completely, and the Russians were about to claim their victory.
This report discussed the case studies with respect to project management concepts and principles. It analysed various tools and techniques that are applicable to the cases.
Ahmad, A., Pepin, X., Aarons, L., Wang, Y., Darwich, A. S., Wood, J. M., ... & Ruston, L. (2020). IMI–Oral biopharmaceutics tools project–Evaluation of bottom-up PBPK prediction success part 4: Prediction accuracy and software comparisons with improved data and modelling strategies. European Journal of Pharmaceutics and Biopharmaceutics.
Frame, D. J., Wehner, M. F., Noy, I., & Rosier, S. M. (2020). The economic costs of Hurricane Harvey attributable to climate change. Climatic Change, 160(2), 271-281.
Ledesma, G., Nikolic, J., & Pons-Valladares, O. (2020). Bottom-up model for the sustainability assessment of rooftop-farming technologies potential in schools in Quito, Ecuador. Journal of Cleaner Production, 274, 122993.
Damnjanovic, I., & Reinschmidt, K. (2020). Data analytics for engineering and construction project risk management. Springer.
Williams III, N. (2020). Role of Municipal Governance in Stabilizing Mature Inner Suburbs: A Study of Five St. Louis Municipalities 1970-2015.
Wells, H. (2012). How effective are project management methodologies? An explorative evaluation of their benefits in practice. Project management journal, 43(6), 43-58.
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