Explain the rationale behind time and cost estimation


Access the Riordan Manufacturing Virtual Organization from your student website.

1. a. Develop the project scope statement and the project charter.

b. Construct the work breakdown structure (WBS) in Microsoft® Project® 2007.

c. Design the communication plan.

1) Identify the key stakeholder groups and their project information needs.

2) Create a table in Microsoft® Word summarizing what information will be produced during the project lifecycle, including

a) status and issues reports.

b) the target audience for each type of information.

c) when each type of information will be available.

d) how the information will be communicated.

e) who is responsible for producing the information.

2. a. Develop the project schedule in Microsoft Project 2007.

b. Explain the rationale behind time and cost estimation methods and why you chose one method over another.

c. Determine the project budget.

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Operation Management: Explain the rationale behind time and cost estimation
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