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Purpose
The purpose of this assignment is to assess your ability to create time and costs estimates for a project. You should complete the reading and practice activities before attempting this assessment. The reading materials will be useful in establishing project management triple constraints.
Assignment Instructions
For this assignment, use your imagination and choose one of the following project types: 1. a home- improvement project, 2. a gardening project, 3. a website creation project, 4. a corporate office move ofseveral departments of workers from one building to another located in the same city, 5. a family vacation, 6. a wedding, or 7. another project to be approved by the professor. Choose a project you are familiar with, as this knowledge will help you in the planning process.
Using what you have learned from the texts, the websites and the PMBOK Guide, and what you understand from the given ISA Project Work Breakdown Structure (WBS), complete a fully decomposed Work Breakdown Structure (WBS) for your new project (home-improvement, gardening, website creation, corporate office move, family vacation, wedding, or other approved project). Identify your Level 1 task with the name of your project and create a WBS for it that includes the required work packages. Your WBS should follow the template provided and contain all the work packages and activities to deliver the project.
Once you have a completed WBS, a time and cost estimate needs to be completed. Remember to use a time duration estimating technique of 3 point estimation; only the final estimate is required (derived from the 3 point estimate of optimistic, pessimistic, and most likely). You should complete a duration estimate for each activity, summarize the duration at the work package level, and provide a final duration estimate (summary of work packages) for the project. Durations should be shown on the WBS using a start and end date/time. Based on your duration estimate, total the skill set labor hours, plug in each skill set labor rate (you set each rate) and build out a definitive cost estimate using Excel. Use the Generic Excel Workbook as your guide.
Deliverable1: A completed Work Breakdown Structure using the Work Breakdown Structure template
Deliverable2: Cost and time duration estimates by activity, by work package, and overall project whichshould be completed under the Duration Estimate tab in the Generic Excel Workbook.
Deliverable3: Skill set labor costs should be completed under the rate sheet tab in Generic Excel Workbook.
Minimum Submission Requirements
The WBS will need to be created in the template provided. The WBS will be transferred to the Duration Estimate tab where time and cost estimates will be completed. The estimation technique to be used is the 3 point estimating technique for the time durations, and cost estimate is derived from the time estimate.
Please see attachment for sample and templates to use for assignment.
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