Problem:
Lets say that your company has seen important internal projects go off course during execution. After-the-fact analysis has revealed that the common factors are inadequate budget controls and inconsistencies in budget estimation. Senior management now believes that developing and integrating a set of standard control processes for both planning and execution will raise success rates.
Can you discuss and explain the following topic with me?
- Expert judgment
Also can you help me by Using the library, Internet, and any other materials, research the topic of Expert judgment on the techniques used for project cost estimation, budget planning, and establishing cost baselines.
The Bottom up estimation entails compiling a work breakdown structure (WBS). can you work with me to complete the following:
Compile a step-by-step method for creating the work breakdown structure (WBS).
Provide the detailed scope definition, project schedule, and project budget.
Give special attention to the time management processes.
Use a hypothetical project to illustrate your group's understanding of the WBS.