Explain the factors that can affect cost estimate quality, Project Estimating Technique Paper
Review Ch. 5 of Project Management: The Managerial Process and the Week 1 ERR articles located under the “Project Estimation,” “Project Scope,” and “Project Risk Analysis” topic headers.
Write a 350- to 700-word paper that briefly explains the following:
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Explain the factors that can affect cost estimate quality.
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Explain the difference between top-down and bottom-up estimates including when each would be used.
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Explain the methods for estimating project costs.
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Explain the types of costs.
Format your paper consistent with APA guidelines.
Reference Materials;
Week 1 ERR
Project Estimation
Readings:
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Armour, P. G. (2012). The Goldilocks estimate. Communications of the ACM, 55(10), 24-25.
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Swanson, S. A. (2011). Estimating errors. PM Network, 25(10), 62-67.
Project Risk Analysis
Readings:
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Project risk analysis or project risk assessment. (2009). Business: The Ultimate Resource, n/a.
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Thamhain, H. (2013). Managing risks in complex projects. Project Management Journal, 44(2), 20-35.
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Project Scope
Readings: