Pm 592 Essay

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| 1. Question : (TCO B) Three-point estimate:
The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to their voice!   Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials are difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team.

Current estimates for cost of material are as follows:

Optimistic cost of smart resin: \$8.00 per lb
Most likely cost of smart resin: \$9.25 per lb
Pessimistic cost of smart resin: \$12.50 per lb
Current estimates for total material requirements are as follows:

Optimistic quantity: 15 lb/ 100 units
Most likely quantity: 19 lb/ 100 units
Pessimistic quantity: 22 lb/ 100 units

(a) What is the expected price of the material per pound?
(b) What is the expected amount of material needed for 100 units?
(c) What is the expected cost for 100 units using the Simple Method?

2. Question : (TCO A) There are three main organizational entities at different levels of the organization involved in the budgeting process; Upper Management, Project Manager and Functional Manager. Explain the role of each in

3. Question : (TCO B) You have been requested to provide a contingency estimate for a project involving the manufacturing of a new television. You are provided with the following component and labor estimates, together with the type of estimate:

Description Estimated base cost Type of estimate
Plasma Screen \$800.00 Order of Magnitude
Tuner \$92.00 Definitive
Sound circuits \$45.00 Definitive
Controls \$56.00 Order of Magnitude
Case \$140.00 Budget
Labor \$295.00 Definitive

The target retail price for the new TV is \$4,995.00. New products are targeted for 150%...

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