PROJ 584 Week 4 Discussion; Cost Management

Week 4: Cost Management Discussion The topic below pertains to the materials covered in the weekly lesson. In addition to a text description, you may add a screen capture, a matrix, or other creative image that supports your ideas. You are to submit three quality posts over 3 different days, with the first post on or before Wednesday for each graded discussion topic. Use references from your textbooks. After reading Chapter 7: Project Cost Management in the textbook Information Technology Project Management (2019) by Kathy Schwalbe, review the various types of project cost estimating methods. Discuss the project cost estimating methods and state how they work. Be sure to note when you would use them on a project. Also, think about your team Course Project. What kind of allocation method would you use on your project? Does the software methodology have any impact to the cost allocation method? Why or why not? View Instructor posts View My Posts Search entries or author Filter replies by unreadUnread Collapse replies Expand replies SubscribedReplyReply to Week 4: Cost Management DiscussionCollapse SubdiscussionEmre OzmenEmre OzmenCourse: May 24 at 10:35am Manage Discussion Entry Hello Everyone, Cost estimations, like many other duties, is being done by task managers. Since it requires some level of SME background, project managers generally only supervise/orchestrate the efforts. Plus, doing that directly might also be risky, since any problems come up in the future may create some dispute among you and the task manager. Regardless the SDLC type you chose, cost estimations in software development are very "work" i.e. manpower intense. In other words, there is likely no equipment and/or material aspects unlike traditional projects. Reply Reply to Comment• o Collapse SubdiscussionDavaun Aquart Davaun AquartMay 30, 2021Local: May 30 at 6:57pm<br>Course: May 30 at 8:57pm Manage Discussion EntryProfessor, There is an unobtrusive pack of various strategies to surveying project costs. One model is top-down or essentially identical to surveying, which uses data from past and similar dares to assess likely costs. In the Estimate Activity Resources, we go through Bottom Estimating. In the Estimate Activity Durations, we use only Analogous Estimating. In the Estimate Costs, we use both Bottom-up and Analogous Estimating. With Bottom-up being more precise, for what reason would it not be considered in every one of the cycles? Reply Reply to Comment (1 like) • Collapse SubdiscussionGibbon RichardsGibbon RichardsMay 24, 2021Local: May 24 at 9:51pm<br>Course: May 24 at 11:51pm Manage Discussion EntrySeveral cost estimating methods can be applied to predict how much it will cost to perform the project activities. The choice for the estimation method depends on the level of information available. Analogous estimating using the actual cost of previous, similar projects can serve as a basis for estimating the current project. Another option is to use parametric models in which the project characteristics are mathematically represented. Estimates can be refined when more information becomes available during the course of a project. Eventually this results in a detailed unit cost estimate with a high accuracy. Remaining uncertainties in