Initiating the Project-10

Assigned Readings:

Chapter 10:  Budgeting Projects.

This chapter deals with various issues and techniques involved in estimating project costs and establishing project budgets. After completing this chapter, each student should be able to perform the following:

Core Objectives:

1. Define project cost terms and tell how each is used in estimating project cost.


2. Compare and contrast analogous, parametric, and bottom-up methods of estimating cost.


3. Create a time-phased, bottom-up budget for a project.

Technical Objectives:

1. Show both summary and bottom-up project budget information with cumulative costs using MS Project.

Behavioral Objectives:

1. Describe issues in project cost estimating and how to deal with each.

Reflection and Discussion Forum

Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding. 

Also, provide a graduate-level response to each of the following questions:

1. You are the project manager in charge of construction of a new school building.  Give one possible example each of a known known, known unknown, and unknown unknown you might encounter.


2. Give an example of how a project manager could run into problems with cash flow, even when he is within budget on the overall project.
   
   

[Your post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion].

 [Your post should be at least 500+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]

[Your posting should be completed by Thursday at 11:59 p.m. EST.]