Answer & Explanation:Review Ch. 5 of Project Management: The Managerial Process
and the Week 1 ERR articles located under the “Project
Estimation,” “Project Scope,” and “Project Risk
Analysis” topic headers.
Write a 350- to 700-word paper that briefly explains the
Explain the factors that can affect cost estimate
quality.Explain the difference between top-down and bottom-up
estimates including when each would be used.Explain the methods for estimating project costs.Explain the types of costs.Format your paper consistent with APA guidelines.
Reference Materials;
Larson, E. W. & Gray, C. F. (2014). Project management: The managerial process (6th
ed.). New York, NY: McGraw-Hill.
Week 1 ERR
Project Estimation
P. G. (2012). The Goldilocks estimate. Communications of the ACM, 55(10),
24-25. Doloi, H. K. (2011). Understanding stakeholders’
perspective of cost estmation in project management. International Journal
of Project Management, 29(5), 622-636. Kern, H. (2010). Are estimating methods hurting U.S.
energy projects? Power Engineering, 114(7), 56-60. Swanson,
S. A. (2011). Estimating errors. PM Network, 25(10), 62-67. Project Risk AnalysisReadings:
Project risk analysis or project risk assessment. (2009).
Business: The Ultimate Resource, n/a. Besner, C., & Hobbs, B. (2008). The paradox of risk
management; a project management practice perspective. International Journal
of Managing Projects in Business, 5(2), 230-247. Bodea, C. N., & Purnus, A. (2012). Project risk
simulation methods – a comparative analysis. Management & Marketing, 7(4),
565-580. Kušar, J., Rihar, L., Žargi, U., & Starbek, M.
(2013). Extended risk-analysis model for activities of the project. Springer
Open Journal, n/a. Sanchez, H., Benoit, R., Bourgault, M., & Pellerin, R.
(2009). Risk management applied to projects, programs, and portfolios. International
Journal of Managing Projects in Business, 2(1), 14-35. Stoica, C. M., & Constantin, B. (2012). The
assessment of risks that threaten a project. Economy Transdisciplinary
Cognition, 15(2), 153-163. Thamhain, H. (2013). Managing risks in complex projects. Project
Management Journal, 44(2), 20-35. Zhang, H. (2011). Two schools of risk analysis: A review
of past research on project risk. Project Management Journal, 42(4),
5-18. Project ScopeReadings:
DeReyck, B. (2010). Effective project planning: Making
the most of project planning tools. Production and Inventory Management
Journal, 46(2), 10-25. Steinbrecher, C. (2010, July 6). Commentary: Keeping your
project scope under control. The Idaho Business Review, n/a.

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