Project Management: Cost Estimation, Cost Management Plan, Quality Management Plan

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student:
Name of the University:

PROJECT MANAGEMENT
Table of Contents
Introduction...........................................................................................................................................................3
Cost estimation worksheet....................................................................................................................................3
Cost management plan..........................................................................................................................................5
Quality management plan.....................................................................................................................................6
Conclusion.............................................................................................................................................................8
Bibliography...........................................................................................................................................................9
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PROJECT MANAGEMENT
Introduction
This cost estimation technique is based on estimation of cost based on three techniques such as
parametric estimates, analogous estimates and three-point estimate. Parametric estimate is used for
estimation of cost of product and project. The results of model is obtained for approval to be proceed.
Analogous estimate is compared with the past similar project towards the current project. The cost is
estimated based on historical data for the subsystem (Eldenburg et al., 2016). Three point estimation is
represented of outcome for the future events which is based on limited information. The total budget of the
project is $86,572.85 with human resources budget as $81,696, office suppliers as $274.33 and transport as
$480.00. Cost management plan is a process which helps Internetional Inc. to plan as well as control of the
business budget. It is considered as management accounting which allows the business for predction of the
expenditures that hep to reduce the chance over the budget (Goetsch & Davis, 2014). The quality management
plan is defined as the acceptable level of the project quality, that is defined by the customers. By measuring
the quality of the product, the project ensures that the level of quality into the project deliverables as well as
work processes should be better. The plan ensures that the work processes are to be performed efficienctly
along with documented.
Cost estimation worksheet
Project Title:IC Client project
Date
Prepared: 26th june 2018
Parametric Estimates
IC0001 Human
Resources
(Primary)
$ 81,696.00 NA $ 81,696.00
IC0002 Human resources
(Contingency)
$4,084.80 NA $4,084.80
IC0003 Office supplies
(Primary)
$274.33 NA $274.33
IC0004 Office Supplies
(Contingency)
ontingency
$13.72 NA $13.72
IC0005 Transport
(Primary)
$480.00 NA $480.00
IC0006 Transport
(Contingency)
$24.00 NA $24.00
Analogous Estimates
WBS
ID
Previous Activity Previous
Cost
Current Activity Multipl
ier
Cost
Estimate
IC000
7
Start story draft using
template
$1581.12 Start story draft using
template
1.1 $17,39.23
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