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Friar Tucker International Essay

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Below is an essay on "Friar Tucker International" from Anti Essays, your source for research papers, essays, and term paper examples.

A good project time and cost estimate should strive to reach a 95% probability of meeting that estimate. There are many factors that the project team must understand that can affect the quality of their estimate.
FTI's project team must decide which estimating method will best provide an accurate time and cost forecast for the Galleria project. The project time and cost estimate should be completed within the first 30 days after the establishment of the project team. Phase estimating is considered a hybrid method because it encompasses characteristics from both macro and micro estimating methodologies. Phase estimate uses a two estimate approach to account for the uncertainty surrounding a project. This type of estimate will provide the best results for FTI considering the lack of work with the current vendor, the radical project selection method of the CEO, and the importance of the project. Phase estimating begins with a macro estimate of the project but as the project progresses, the estimate is refined. As the project moves forward, a detailed (micro) estimate for the current phase of the project is developed and the macro estimate is refined for the remainder of the project. Normally phase estimating is used when a project's outcome is unknown, however, in Friar Tucker's situation, a phased based estimate works to provide a strong commitment to time and cost over each phase. Since the Galleria project is a favorite of the CEO, continuous revision of the estimate provides the CEO with the most accurate information available. Once the project time and cost estimates have been prepared, the Project Lead must begin developing a budget for the project.
Managing the costs of the project and delivering the project on time are two of the CEO's highest measurable for project success. The project team must have an accurate project budget developed before moving onto resource scheduling. This process should only take 15 days to complete. Once the budget is complete,...

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