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1. What are the differences between bottom-up and top-down estimates? Explain why those differences occur. 2. A special project called "FLYWHEEL" has an estimated cost of $2,000,000. There are three major divisions to this project: Definition of Project, Design, and Implementation. a. Definition of Project is budgeted at 15% and includes: i. Project Objectives 5% ii. Technology 10% b. Design is budgeted for 25% c. Implementation is budgeted for 60% and includes: i. Purchasing: 15% ii. Retooling: 40% iii. Training: 5% d. What are the estimated costs for the following components of the project? 1) Technology 2) Training 3) Retooling 3. Review the Sharp Printing, AG Case at the end of Chapter 5 and answer the following questions.) a. At this point, what would you do if you were the project manager? b. Was top management acting correctly in developing an estimate? Explain why or why not? c. What estimating techniques should be used for a mission critical project such as this? Explain your reasons. d. Prepare a brief paper which you prepare for top management with: i. A statement of the problem. ii. Your recommendations to deal with the problem. 4. Given the following information, you are to determine the following Project network. Early, late and slack activity times. o Project duration. o Critical path Task Predecessor Duration A None 15 B A 10 C A 25 D A 30 E B 50 F A,C 10 G D 8 H D.F 20 I G 10 J H,I 10 K J 12 L K 3 5. Given the following information concerning a project: a. Complete the forward pass b. Complete the backward pass, c. Compute activity slack d. Identify the critical path e. Determine the project duration ACTIVITY PREDECESSOR DURATION A None 3 B A 2 C A 4 D A 3 E B,C 4 F E 6 6. CASE STUDY: Review the Greendale Stadium Case at the end of Chapter 6 and answer the following questions: a. Will the project be able to be completed by the May 20th deadline? b. How long will the project take? c. What is the critical path of the project? d. Based on the schedule would you recommend that G&E pursue this contract? Why or why not. e. Provide a network diagram using the forward and backward pass to show the critical path and slack times.

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Answer 1:
Top down and bottom up approaches are complementary approaches that can be used to estimate the cost of resources required to complete the project within the time and quality parameters. In the top down approach, the top managers develop total project duration and cost estimates on the basis of their past experience and information about the project. These managers generally have little knowledge about the basic processes and they develop estimates on the basis of their judgment. Such approach is suitable for macro projects with unstable scope and high uncertainty. Some of the popular methods are consensus methods, apportion methods, ratio methods, etc. Analogy, group consensus and mathematical relationships are used to develop the cost estimates. On the other hand, bottom-up approach focuses on the basic processes and elements to be done to complete the project. The work breakdown structure (WBS) is developed and the cost associated with the work packages and identifiable work units is determined so that the overall project cost can be estimated by summing the costs of different work packages....

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