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Study project cost analysis, including cost estimating and budget development.
Prompt:
Activity Duration Estimating
1. Explain the considerations that must be made on the constraints of cost and scope when estimating activity durations.
2. Discuss the primary benefit in three-point duration estimating.
3. Explain the use of contingency estimating.
4. Explain any constraints in using the top-down versus bottom-up approach in duration estimating.
5. Discuss project estimation considerations in regulated industries that have complex and changing requirements, such as healthcare, finance, and energy. What should managers of projects in such industries do to remain abreast of changing requirements as they pertain to estimation (response should be applicable across all such industries)?
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