GM 592 Unit 3 Cost Management and Estimating Project Costs Please read the attachment(a) What are the pros and cons to using expert judgment when estimatin

GM 592 Unit 3 Cost Management and Estimating Project Costs Please read the attachment(a) What are the pros and cons to using expert judgment when estimating the cost for this project?
Which experts should Jacqueline contact? What type of information is she seeking related to
costs?
(b) Jet on Demand has not worked on a similar project in the past. However, Jacqueline has
extensive experience leading app development projects. Explain how she can use analogous
estimating given her previous work experience.
(c) Discuss the value of using three-point estimating for this app project. Select three activities
where this technique can be used, and perform the calculation. You will need to find the
following estimates: optimistic, most likely, and pessimistic.
(d) Of these two estimating techniques, parametric and bottom-up, which one do you think might be
of most value to Jacqueline’s team? Please justify your response. Unit 3 [GM592]
Unit 3 Assignment: Cost Management__________
In this Assignment, you will be assessed based on the following outcome:
GM592-3: Plan cost management with associated resources.
This Assignment is designed to evaluate your ability to create a cost management plan
and the cost baseline for the project that you select. You will take the role of the project
manager. This effort requires that you research, organize, and present project financial
data in a manner that makes sense to the appropriate stakeholder.
Here are the requirements:
● You will use the project from the Unit 1 Assignment for the Unit 3 Assignment.
● Create a Cost Management Plan for the project you selected in Unit 1.
● Create the Cost Baseline for the selected project.
● Please go to the internet for templates or documents that can help you meet the
requirements.
● The templates or documents that you use must meet all criteria specified in the
grading rubric below.
Components
●
Title page formatted in APA 6th edition style with the following information: Title
of the paper, your name, course number and section number, and date.
● A table of contents using the following headers: Introduction, Cost Management
Plan, Cost Baseline, Conclusion, and References.
● A minimum of three scholarly journal and textbook source references cited and
credited according to APA 6th edition formatting style using a minimum of six intext citations.
● The paper should be focused and to the point, containing between 600–800
words specific to the table of content items (excluding references).
Directions for Submitting your Assignment:
To submit your Unit 3 Assignment, upload all Assignment documents to the Unit 3
Assignment Dropbox. Make sure that you have saved a copy of each of the files you
submit for this Assignment.
Page 1 of 2
Unit 3 [GM592]
GM592 Unit 3 Assignment: Cost Management
Points
Possible
Points
Earned
Content (0-50 points)
1. Cost Management Plan
Includes the units of measure.
Includes the level of precision.
Includes the level of accuracy.
Discusses the organizational procedures links.
Includes the control thresholds.
Discusses the rules of performance measurement.
Provides the reporting formats.
Includes additional details as necessary.
2. Cost Baseline
Reflects costs based on the work packages in the WBS.
Costs are displayed for a project of at least 3 months.
Totals are provided based per WBS item and per month.
Analysis (20 points)
Response exhibits strong higher-order critical thinking and
analysis (e.g., evaluation). Paper shows original thought.
Analysis includes proper classifications, explanations,
comparisons and inferences.
Critical thinking includes appropriate judgments, conclusions
and assessment based on evaluation and synthesis of
information.
Writing (15 points)
Grammatical skills are strong with typically less than one error
per page. Correct use of APA 6th edition.
Appropriate to the Assignment, fresh (interesting to read),
accurate, (no far-fetched, unsupported comments), precise (say
what you mean), and concise (not wordy).
Paper is in 12-point font, and double-spaced with a double
space between. Paper is free of serious errors; grammar,
punctuation, and spelling help to clarify the meaning by
following accepted conventions. At least three scholarly journal
and textbook sources are cited and referenced in APA 6th
edition format. Content is between 600–800 words specific to
the table of content items (excluding references).
Total
25
25
7
7
6
5
5
5
85
Page 2 of 2
Unit 3 [GM593]
Unit 3 Assignment: Estimating Project Costs
In this Assignment, you will be assessed based on the following outcome:
GM593-2: Examine the different methods of estimating costs.
This Assignment is designed to evaluate your ability to apply cost-estimating techniques for project
activities. You will learn both qualitative and quantitative options to determining the project’s budget.
Jacqueline is the project manager for Jet on Demand (JoD), a company that brokers private jet flights
for companies and consumers who want to avoid the hassle of flying commercially. Currently, the
flights are booked by calling a toll-free number, which is time consuming and prone to mistakes.
Felicia Daniels, a retired military pilot, founded JoD and serves as the CEO. She hired Jacqueline
because of the urgent need to create an app that allows customers to book a flight on their mobile
devices, whether iOS of Android. Felicia believes this technology will increase business, especially
since private jets are becoming more affordable.
The schedule for the project is 7 months, and Felicia has allocated $250,000 for the work. However,
Jacqueline’s team has yet to complete the planning process.
Please provide responses to the following items:
(a) What are the pros and cons to using expert judgment when estimating the cost for this project?
Which experts should Jacqueline contact? What type of information is she seeking related to
costs?
(b) Jet on Demand has not worked on a similar project in the past. However, Jacqueline has
extensive experience leading app development projects. Explain how she can use analogous
estimating given her previous work experience.
(c) Discuss the value of using three-point estimating for this app project. Select three activities
where this technique can be used, and perform the calculation. You will need to find the
following estimates: optimistic, most likely, and pessimistic.
(d) Of these two estimating techniques, parametric and bottom-up, which one do you think might be
of most value to Jacqueline’s team? Please justify your response.
Components
● Title page formatted in APA 6th edition style with the following information: Title of the paper, your
name, course number and section number, and date.
● A table of contents using the following headers: Introduction, Pros and Cons of Using Expert
Judgment, Application of Analogous Estimating, Value of Three-Point Estimating, Parametric vs.
Bottom-up Estimating, Conclusion, and References.
● A minimum of three scholarly journal and textbook source references cited and credited
according to APA 6th edition formatting style using a minimum of six in-text citations.
● The paper should be focused and to the point, containing between 600–800 words specific to the
table of content items, excluding references.
Page 1 of 2
Unit 3 [GM593]
Directions for Submitting Your Assignment
Provide responses in a MS Word document. Please make sure to show your work. Ensure that your
documents address the criteria of the rubric and follow the stated requirements. To submit your Unit 3
Assignment, go to the Unit 3 Assignment Dropbox link and follow the instructions. Upload your Excel
EVM tool in the Assignment Dropbox. Make sure that you save a copy of each of the tools you submit.
GM593 Unit 3 Assignment: Estimating Project Costs
Content
Provided the pros and cons of using expert judgment when estimating the
cost for this project.
Points
Possible
Points
Earned
15
Indicated which experts Jacqueline should contact.
Detailed the type of information Jacqueline is seeking related to costs.
Explained how Jacqueline can use analogous estimating given her
previous work experience.
Discussed the value of using three-point estimating for this app project.
Selected three activities where this technique can be used.
Performed the calculations correctly and found the following estimates:
optimistic, most likely, and pessimistic.
Of these two estimating techniques, parametric and bottom-up, which
one do you think might be of most value to Jacqueline’s team? Please
justify your response.
Analysis
Response exhibits strong higher-order critical thinking and analysis
(e.g., evaluation). Submission shows original thought.
10
10
10
5
Analysis includes proper classifications, explanations, comparisons,
and inferences.
5
Critical thinking includes appropriate judgments, conclusions, and
assessment based on evaluation and synthesis of information.
5
Writing (0-15 points)
Grammatical skills are strong with typically less than one error per page.
Correct use of APA 6th edition.
Appropriate to the Assignment, fresh (interesting to read), accurate, (no
far-fetched, unsupported comments), precise (say what you mean), clear
introduction and conclusion, and concise (not wordy).
Paper is in 12-point font, and double-spaced with a double space
between. Paper is free of serious errors; grammar, punctuation, and
spelling help to clarify the meaning by following accepted conventions. At
least three scholarly journal and textbook sources are cited and
referenced in APA 6th edition format. Content is between 600–800 words
specific to the table of content items (excluding references).
Total
5
5
5
75
Page 2 of 2

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