Question
Your company has seen significant internal projects go off course during implementation. After-the-fact analysis has shown that the common factors are inadequate budget controls and inconsistencies in budget estimation. Senior management now believes that initial and integrating a set of standard control processes for both planning and execution will move up success rates. Using Internet, research discusses Analogous estimating on the techniques used for project charge estimation, budget planning, and establishing cost baselines. Write a 1-page summary discussing Analogous estimating. Discuss your findings on techniques.
The bottom-up opinion entails compiling a work breakdown structure (WBS). Complete following-
1. Compile a step-by-step way for creating work breakdown structure (WBS).
2. Provide the detailed range definition, project schedule, and project budget.
3. Give particular attention to the time management processes.
4. Use a hypothetical project to illustrate your understanding of the WBS.
Other topics you can briefly discuss as they communicate to Analogous estimating are Expert judgment, Bottom-up estimating, and Parametric estimating.