Answer to Question #269630 in Management for Piyu

Question

Answer the following questions.

a. Consider a hypothetical project of conducting Annual Day in your university. Explain 

the triple constraints of a project in this context. Include diagram for these constraints 

and write examples for each constraints. (5 Marks)

b. India’s Road and Transport Ministry has taken-up various Expressway Road Projects in 

the country. One of the such project consist of following broad scope of work

a. Constructing roads

b. Constructing tunnels

c. Constructing bridges over river

d. Constructing flyovers and junctions

e. Constructing convenient places (fuels stations, rest areas, etc.)

f. Developing a solution for speed monitoring

g. Finding suitable road material for areas in heavy flood zone

List different cost estimation methods. Explain any three methods which can be used in 

this project. Suggest which one will be the best method for this project. 

Answer 1

With any project, there are limitations and risks that need to be addressed to ensure the project’s ultimate success. The triple constraints of hypothetical project includes time constraint, scope constraint and cost constraint. The time constraint refers to the project’s schedule for completion, including the deadlines for each phase of the project, as well as the date for rollout of the final deliverable. The scope of a project defines its specific goals, deliverables, features, and functions, in addition to the tasks required to complete the project. The cost of the project, often dubbed the project’s budget, comprises all of the financial resources needed to complete the project on time, in its predetermined scope.

The different cost estimation methods includes Expert Judgement, Analogous Estimating, Data Analysis, Parametric Estimating, Bottom-up Estimating and Three-Point Estimating. Expert judgment is guided by historical information which provides valuable insight about the environment and information from prior similar projects. Analogous cost estimating uses the values such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous, similar project as the basis for estimating the same parameter or measurement for a current project. A data analysis technique is the most suitable for Expressway Road Projects in India. Alternatives analysis from Data Analysis is used to evaluate identified options in order to select the options or approaches to use to execute and perform the work of the project. Alternatives analysis assists in providing the best solution to perform the project activities, within the defined constraints.