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. Using the Internet, research discuss Analogous estimating on the techniques used for project cost estimation, budget planning, and establishing cost baselines. Write a 1-page summary discussing Analogous estimating. Discuss your findings on the techniques.
The bottom-up estimation entails compiling a work breakdown structure (WBS). 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 understanding understanding of the WBS.
Other topics you can briefly discuss as they relate to Analogous estimating are Expert judgment, Bottom-up estimating, and Parametric estimating