Project Management Cost Estimation PERT estimating formula

Project Management Cost Estimation PERT estimating formula

Group Deliverables (Part 1)
Now that you have had the opportunity to discuss your project and somewhat build your WBS in the group discussion area and offline, use MS project software to complete the following:
Creating your WBS in MS Project. Using MS Project, enter all the WBS deliverables/outputs, activities, and tasks into a new MS Project file and save it with your group name and course #.
Sequence your activities. Now that you have defined your activities, ensure that they are listed in the order that they should be completed. If one activity is dependent on another, be sure to list that dependency in the “Predecessor” column.
Activity estimation. Assign an initial work effort to each of the activities from the WBS.
Provide an estimation framework for the WBS. This should be approximate. You’re allowed to make assumptions as long you’re being realistic.
The framework should be estimated in days.
Duration estimation. Now that you have defined the WBS activities, sequenced them in a logical order and defined the dependency relationships between them, and estimated resources, add the activity duration for all activities then add a start date to each task. The finish date should automatically populate. If you have a conflict, review your predecessor relationships. Remember, you do not need to add anything to the summary tasks (the deliverable/output). The summary tasks will update automatically as soon as you link the activities to them. They
summarize the duration and start/finish date for that entire deliverable. The screen shot below should provide you with an example of how your work will look before submitting this assignment. Many more examples are available in the Project Management Homepage in the Learning Center.
Assign resources. In the resource name column in your MS Project file, add a resource name to each task. You may use hypothetical names or your group’s names.
Once the work is finalized, submit your estimation framework to your group by adding the finished file to the Small Group area so that everyone has a chance to review the final product. Ideally, the group should select a group leader to manage the group’s communication and polish the final work. The group leader should be the one submitting the assignment.
Group Activity (Part 2)
Now that the finished product has been dropped into the group discussion area, each group member should once again review the finished WBS file and provide your insight.
Update the WBS file, if the group agreed changes needed to be made, and individually save the MS Project file on your personal computers
because you might need to use it to complete IP4 on your own.
Group Deliverables (Part 2)
Based on your group deliverable (Part 1)

Apply the standard PERT estimating formula and calculate the expected estimate (Te) for each activity.
Download and use this table to complete the estimates.
Explain the purpose behind the PERT calculations.