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Proj Cost & Schedule Control Test

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1. (TCO B) Good project cost estimations are critical to a successful project. With that in mind, compare and contrast parametric estimating and vendor bid analysis as cost estimation techniques on a project. Please provide an example of each. (Points : 20)

Parametric estimation is based on a number of similar data points of performing similar work packages in the past”. Kuehn, Ursula (2011-04-07). It is a very accurate and easy estimating technique. A formula is developed for estimating the time or resources needed to perform a project activity. The formula is usually based upon a great deal of historical experience. It provides an invaluable service in the course of the project. Parametric estimating refers, primarily, to an estimation technique which utilizes the statistical relationship that exists between a series of historical data and a particular delineated list of other variables. However, when it comes to the vendor bid analysis is a technique used when working with suppliers on uncertain activities. it is simply seeing the costs via quotes, bids, proposals offered for a project work.

Is a technique used when working with suppliers on uncertain activities? The analysis considers the assumptions the vendor worked with and does a sensitivity assessment on those assumptions. In addition, for effort that the buying organization does not have experience with, they can contract with a consulting firm that has experience to do a "Should Cost" analysis. This "Should Cost" estimate is compared to the suppliers quote to identify any shortcomings. The advantages of this technique are that it exposes supplier risk that can be accounted for in the reserve analysis and it increases the confidence in the supplier's approach. The disadvantages are that this can take a fair amount of time and if a consultant is used to create a "Should Cost" it adds to the cost of

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