Cost Estimates

This is an individual assignment – complete both tasks 1 and 2
Background: The assignment is intended to bring out the benefits and limitations of different approaches to project planning and control by relating these to the circumstances in the case outlined. It is also intended to allow students to demonstrate their learning and competence in respect of the management of resources generally, but in particular elements of scope, schedule, quality, and cost.
Task 1 (40% marks) 700 words (+/- 10%) each short answer question requires a response in a few sentences for the questions awarded up to 4- 6 marks and a paragraph for questions awarded up to 8-10 marks.
1) What are the core principles / characteristics of any project and why are they important?  (8 marks).
2) Identify the key steps included in the Scope Statement process for a project.   (6 marks).
3) Using the information below, plot out a full project Gantt chart and identify the critical path. How many days does it take to complete the project? What are the benefits of using a Gantt chart? (6 marks).

Tasks Precedence Time
a 5 days
b 4 days
c a 6 days
d b 2 days
e b 5 days
f c 6 days
g f 4 days
h f 5 days

4) Why would you include contingency funding in project cost estimates?     (4marks).
5) How would you assess and manage the risks on a project?  (6marks).
6) What is Project Quality Management? What does it consist of ? (10marks).
Task 2: (60% marks) (2,300 words +/- 10%).

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