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Proj592Week 3 Quiz Essay

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Q1
a) Pexp = (Popt + 4*Pmost + Ppess)/6
          = (6+4*8+8.5)/6
          = $7.75/lb
b) Pexp = (Popt + 4*Pmost + Ppess)/6
          = (21+4*24+30)/6
          = 24.5lb/100 units
c) Expected cost = 7.75 * 24.5 = $189.88

Q3
a) cost budget = 1.85*(780+56) + 1.25*(142) + 1.10*(87+34+385)
                    = 1546.6 + 177.5 + 556.6
                    = $2,280.70
b) 2281* 2.25 = $5132
    No project will not be approved   $5132 is greater than $4995
c) Need to firm up estimates for order of magnitude and budget items, and revise estimates before project can proceed.

Q4
The project plan is very important because without a plan, it is impossible to know where we are going or to judge how we are doing at getting there on a project. The primary parts of the plan are the budget, the schedule, and the multitude of details that fill these out. Planning covers two important fundamentals of the project namely work breakdown structure (WBS) and cost estimates.
The WBS is the basic tool used in project planning, and project estimates are typically derived from the details found in the WBS. Estimates form the basis for defining project budgets. Accurate estimates are essential if budgets are to be maintained during project execution. Inaccuracies in estimates translate into cost variances during implementation, with resulting frustrations of project plan revisions, damage to project integrity, and possible early termination.

Q5
Groundwater Cleanup Project
  1 Design
    1.1 Evaluating several alternatives
    1.2 Preparing conceptual design
    1.3 Evaluating conceptual design
    1.4 Prepare final design
  2 Installation Preparation
    2.1 Prepare specification
    2.2 Pre-qualify installation contractors
    2.3 Review all bids
    2.4 Execute contracts
        2.4.1 Recovery wells
        2.4.2 Piping
        2.4.3 Treatment equipment
        2.4.4 Start-up
  3 Performance monitoring
    3.1 Sampling...

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Proj592Week 3 Quiz. Anti Essays. Retrieved December 10, 2018, from the World Wide Web: http://snehaedu.com/free-essays/Proj592Week-3-Quiz-357085.html