Chapter 7&8 ideas

Chapter 7

In this chapter, the term "resources" means the people, equipment, and raw materials that go into the project. The cost of a project needs to be clearly listed out at the beginning in order to control the project from over spending. If the cost estimates approximately accurate to what a project really needs, the work would go smoothly and complete on time.

Gantt charts and time-scaled networks are two useful tools to calculating the schedule of the work. The chart shows clearly the work breakdown and the schedule of each work. Participants are able to follow the process without being lost.

Chapter 8

Make the estimate more accurately, estimator must be experienced with the work. We learned that risk can be reduced by learning from the past. Even though every project is not exactly the same to one another, experienced estimator can make better estimate based on past performance data.

There are several estimating methods.

1. Apportioning. This method is to begin with a total project estimate, then assigns a percentage to each of the phases and tasks of the project. This technique is usually used in conjunction with phased estimating.
2. Parametric estimates. This method is to use a basic unit of work, and then multiple the size to the entire project. This is usually based on historical data, and the estimator must develop a solid parametric formula.
3. Bottom-up estimating. This one estimate from the detailed tasks and roll-up. It is the most accurate than other methods, however, it takes most effort and time.