Resource effort in monetary terms is estimated for all the resources

This assignment has three parts. You may submit it entirely in a text document, or in a combination of text document and spreadsheet. The format can be your choice as long as you cover each part of the assignment. Your submission should be at least three pages in length (Note: one spreadsheet in Excel counts as one page for this assignment). Part 1:Developa Resource Breakdown Structure In Unit IV, you developed the work breakdown schedule (WBS) to multiple levels, including work packages, at the lowest level based on the initial project requirements you selected in Unit ||.

Also, you were asked to identify all the available resources in—house and resources required externally for this project. For Part 1, develop a resource breakdown structure (R88) to estimate the total budget of the project. Please refer to Exhibit 9.3 in your textbook for an example of how this should look. Part 2:

Develop a Bottom-Up Cost Estimate For this unit assignment, using the WBS and RBS, develop a bottom-up cost estimate. This approach will require you to identify resources required for each lowest-level WBS activity. Once resources are identified, you will estimate the effort required for each resource. The cost estimate is derived from the resource effort required. This approach tends to be more stable because, when estimating, errors have a chance to balance out. However, it requires more preparation effort than top-down estimates. In essence, the estimate is based on a more detailed understanding of the project tasks to complete.

The resource expenditure of each lowest-level WBS activity is estimated. Resource effort in monetary terms is estimated for all the resources. Costs for all the activities under the same WBS element as the next higher level are rolled up. This process is continued for all the WBS elements to determine the overall project estimate. Part 3: Respond tothe Rfllowing Qjestions What is the time value of money, and why is it relevant to project management? Why is it important for project managers to understand the fixed and variable costs of a project? Briefly demonstrate how stakeholder’s satisfaction can help with project success. Use the Waldorf Online Library to identify at least one article to support your response.

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