Project Costing, Risk Evaluation, and Quality Control
Project Costing, Risk Evaluation, and Quality Control
Precious Reid
Managing Human Resource Projects – HRM 517
Professor Lowe
August 21, 2009
Review
A strategic focus for the firm is to have employees that are well trained, ready to solve problems, and attend to customer needs. The Human Resource department has been tasked to estimate the project cost and evaluate the project risk, as well as, design a plan to monitor the project quality for the project that will address the training needs of the employees. Today we will focus on project costing, risk evaluation and quality control for a Project Plan for Blackboard Software Implementation.
1. Cost estimating methods most appropriate for use in estimating training project cost In the Blackboard training the team had to decide on the appropriate cost estimate method to use for project completion. The team discussed several cost methods such as analogous estimating, parametric estimating, and bottom-up estimating when trying to make the right cost selection for the training project. First, the team discussed Bottom-up estimating which allows the user to obtain a more refined estimate of a particular component of the work. Individual estimates are developed to see what specifically is needed to meet the requirements of each of the smaller areas of the work. The estimate becomes much more accurate since it allows for careful consideration of the small areas of the project. Eventually in Bottom-Up estimating all considered estimates is combined making then one large estimate that would not consider all the individual components of the training project. The team decided not to use bottom-up estimating because it was felt that it was too time consuming and the overall effort for trying to consider an appropriate cost may grow with each planning phase and we just did not want that type of estimating. Second, the team discussed Parametric estimating which is an estimate that utilizes the statistical
Precious Reid
Managing Human Resource Projects – HRM 517
Professor Lowe
August 21, 2009
Review
A strategic focus for the firm is to have employees that are well trained, ready to solve problems, and attend to customer needs. The Human Resource department has been tasked to estimate the project cost and evaluate the project risk, as well as, design a plan to monitor the project quality for the project that will address the training needs of the employees. Today we will focus on project costing, risk evaluation and quality control for a Project Plan for Blackboard Software Implementation.
1. Cost estimating methods most appropriate for use in estimating training project cost In the Blackboard training the team had to decide on the appropriate cost estimate method to use for project completion. The team discussed several cost methods such as analogous estimating, parametric estimating, and bottom-up estimating when trying to make the right cost selection for the training project. First, the team discussed Bottom-up estimating which allows the user to obtain a more refined estimate of a particular component of the work. Individual estimates are developed to see what specifically is needed to meet the requirements of each of the smaller areas of the work. The estimate becomes much more accurate since it allows for careful consideration of the small areas of the project. Eventually in Bottom-Up estimating all considered estimates is combined making then one large estimate that would not consider all the individual components of the training project. The team decided not to use bottom-up estimating because it was felt that it was too time consuming and the overall effort for trying to consider an appropriate cost may grow with each planning phase and we just did not want that type of estimating. Second, the team discussed Parametric estimating which is an estimate that utilizes the statistical