Examine the different methods of estimating costs.

Examine the different methods of estimating costs.

GM593-2: Examine the different methods of estimating costs.

This assignment is designed to evaluate your ability to apply cost-estimating techniques for project activities. You will learn both qualitative and quantitative options to determining the project’s budget.

Jacqueline is the project manager for Jet on Demand (JoD), a company that brokers private jet flights for companies and consumers who want to avoid the hassle of flying commercially. Currently, the flights are booked by calling a toll-free number, which is time consuming and prone to mistakes.

Felicia Daniels, a retired military pilot, founded JoD and serves as the CEO. She hired Jacqueline because of the urgent need to create an app that allows customers to book a flight on their mobile devices, whether iOS of Android. Felicia believes this technology will increase business, especially since private jets are becoming more affordable.

The schedule for the project is 7 months, and Felicia has allocated $250,000 for the work. However, Jacqueline’s team has yet to complete the planning process.

Please provide responses to the following items:

What are the pros and cons to using expert judgment when estimating the cost for this project? Which experts should Jacqueline contact? What type of information is she seeking related to costs?

Jet on Demand has not worked on a similar project in the past. However, Jacqueline has extensive experience leading app development projects. Explain how she can use analogous estimating given her previous work experience.

Discuss the value of using three-point estimating for this app project. Select three activities where this technique can be used, and perform the calculation. You will need to find the following estimates: optimistic, most likely, and pessimistic.

Of these two estimating techniques, parametric and bottom-up, which one do you think might be of most value to Jacqueline’s team? Please justify your response.

Components

Title page formatted in current APA style with the following information: Title of the paper, your name, course number and section number, and date.

A table of contents using the following headers: Introduction, Pros and Cons of Using Expert Judgment, Application of Analogous Estimating, Value of Three-Point Estimating, Parametric vs. Bottom-up Estimating, Conclusion, and References.

A minimum of three scholarly journal and textbook source references cited and credited according to current APA formatting style using a minimum of six in-text citations.

The paper should be focused and to the point, co

Examine the different methods of estimating costs.