Prject Management review Essay Example | Topics and Well Written Essays - 1250 words

Prject Management review - Essay ExampleThe ii major categories of estimation atomic number 18 Macro or Top-down approach and Micro or bottom-up approach (Sihombing).The Macro or Top-Down approachThis approach is used to make a nimble and rough estimation of project greet and clock time, when the time and expense of a detailed estimate are some issues. Often macro approach is carried out during the conception stage as in that respect is no full protrude or Work Breakdown Structure available. The macro approaches may have blue chances of inaccuracy and therefore, only well experienced force out can do the estimation. With the help of a similar introductory project, the estimation becomes easier. As Gray and Larson (2008, p. 134) point out, the expenses for the firstly subunits of the new project would be proportional to foremost subunits in the previous project. The Micro or Bottom-UP approachThe Micro approach takes the project design and a roll-up of Work Breakdown Struct ure elements into consideration (Project management). As it is a detailed approach, it requires manifold personnel and much time to complete the process. If the bottom-up estimate is done properly, it can yield accurate cost and time estimates. The costs for the higher level units are obtained by rolling-up the estimated time and cost connected with the final level Work Breakdown Structure packages. And this approach renders the most accurate estimation within the time devoted to developing the estimate. Factors affecting the estimation of Cost and Time There are some(prenominal) portentous factors that affect the estimation of project cost and time. The most important factors are Task Definition The extensiveness of the definition of the project helps to determine whether all tasks have been taken into account. Project Structure The structure compacted with a dedicated project team will always focuses on the effective completion of the project. Padding there are chances of inc reasing the estimates in order to consider the unknown risks which in turn may apparent movement an unwanted trade-off. Culture It refers to the acceptable behavior of the organization which influences the estimation. Downtime It is the lapse of time which affects the time estimate repayable to equipment repairs, holidays, vacations, etc. II An Ideal Approach According to Rosenau and Githens (2006, p. 133), planning, estimating, and resourcing are the most important elements of a fortunate project and these elements may seem to be separate issues, but required to be conducted in twin as they directly influence each other. Estimation of time and cost is needed per each guinea pig of resources for every part of the work to be done. An ideal approach from the part of the project manager would be to hold all the different elements and criteria together in a multi-dimensional model. The project manager should make undisputable that the estimation is done by a person who is most fami liar with the task. And if possible, it is better to collect estimates from several people and find the variation of risk assessment. In order to avoid the group think, multiple estimates must be conducted independently. The project manager should use consistent units while estimating task time and the estimates should be based on normal conditions. The