Question: You are the project manager for a high visibility project. The margin on this project is low, and it is extremely important that the cost

You are the project manager for a high visibility project. The margin on this project is low, and it is extremely important that the cost estimates for the work on the project be accurate. While reviewing the cost estimates for this project you notice that one of the cost estimates for an element in the WBS is 10% higher than two previous projects for very similar work. What should you do?

a. Accept the estimate because you trust all of the people on your project team, and they are responsible for estimates.

b. Reduce the estimate and add the additional budget to the management reserve.

c. Ask the person responsible for the estimate to explain the difference and bring supporting information to you.

d. Reduce the estimate and add the additional budget to the contingency reserve.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Construction Project Management Questions!

can i get a solution to this question please. Value: Document (include your file name) 15% of final grade How to complete: 1. Read the following Anniversary Party scheduling problem: As the project...

ignore the highlighted parts and notes.. appreciate all the helo I can get to answer the questions. Part 1 The Management Control Environment CASE 4-1 NORTH COUNTRY AUTO, INC. George G. Liddy, part...

URGENT PLEASE PLEASE PLEASE HELP Case study, after reading please answer the following questions: 1. Question 1: Please provide an executive summary of the case (a single paragraph summarizing the...

MARK J EFFER'r'r A&D High Tech (A): Managing Projects for Success In his twelve years as a technology project manager at A&D High Tech, Chris Johnson had a strong track record of delivering projects...

A&D High Tech (A): Managing Projects for Success In his twelve years as a technology project manager at A&D High Tech, Chris Johnson had a strong track record of delivering projects on time and on...

5 Ho Question 4 (1.5 points) The major reason(s) that make controlling project quality more difficult in building software than in building bridges and airplanes is (are): 9 11 12 1) intangible vs...

A&D High Tech (A): Managing Projects for Success In his twelve years as a technology project manager at A&D High Tech, Chris Johnson had a strong track record of delivering projects on time and on...

For the jobs below please create for me just two amazing cover letters based on my attached job experience and bio and make them great essays to help me stand out, thanks and this is for chase and...

As my flight from Milan to Chicago took off, I sat wondering whether I was really as insensitive to the cultural differences of colleagues as I felt. Despite the best of plans and intentions to...

A company can borrow cash from a bank or other financial institution by signing a promissory note Mediumlarge sized corporations often chose to borrow cash by issuing bonds In fact the most common...

How will you describe the position of a table lamp on your study table to another person?

Calculate the Missing Value Principal: $750 Rate: 4% Maturity Value: $757.50 Time: ??? in weeks

a. The United States Congress is well qualified to debate and set generally accepted accounting principles. Comment. b. Speculate on why these bills were directed to amend the Securities Exchange Act...