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PPMP20013, Course Portfolio for Week

   

Added on  2020-05-11

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(M Mudabbir Ahsan) / (12047786) - PPMP20013 Course Portfolio for Week (5)Learning outcomes of the courseDescription oftopics including reading samplesLearnings from your experienceSupporting documentation including your prior learning2. Discuss the relevance of tools and techniques for investigating and describing project process related to developing new workings, facilities,equipment, plant and processes or maintaining existing facilities and equipment.Week 5: Define and apply estimating processes and concepts to the project.Levy (2012) Chapters 8.Smith Chapters 8,9 & 10QLD Dept. Transport and Main Roads. 2015. Project Cost estimating manual. I have learned that estimation of time and budget needs to be completed at each stage of the project. The various types of estimation that are made at each phase of the project include preliminary estimate, appraisal estimate, proposal estimate, approved estimate, pre-tender estimate as well as post contract estimate. I have also learned various objective behind any estimation and the identified objectives are as follows: Various range of possible distributionsDifferent range of possible costs is quite greater than early stages of the projectDifferent risks as well as latent in project at its different stagesMinimization of risk over the entire project life I have learned that estimation in project is mainly done due to the following:To predict the various probable programsfor identifying as well as quantifying potential risks as well as problemsFor stating various assumptions as well as project exclusionsFor forecasting the expenditure of the projectKerzner H. ,2013 Project Management: A Systems Approach toPlanning, Scheduling, and Control, 11thEdition. Hoboken, USA: John Wiley & Sons.1 of 2
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