Unit iii assesment - Coursework Example

Some activities can be complex for proper time estimate. Project guidelines support the breaking down of activities that take more than 10% of the project schedule. Normally, the breakdown technique reduces activities to smaller tasks making it easier for the project manager to estimate the duration of tasks performed by workers accurately (Kerzer, 2001). Expert judgment involves contracting the services of experts who have experience and reputation for knowledge of a particular field in estimating activity duration.

Managers use expert judgment over internally generated estimates if it is available at a reasonable cost (Kerzer, 2001). Project managers who have knowledge about the resources of a particular activity can calculate the efforts necessary for the project and arrive at its duration. This involves adding the amount of labor time for completion of the activity to the time needed for obtaining materials. This technique is advantageous as it allows managers to track the usage of resources and make comparisons with estimates (Kerzer, 2001).

Both large and small businesses use this technique in estimating the duration of projects. Managers calculate the time it takes to produce a certain amount of output and make necessary adjustments for economies of scale (Kerzer, 2001). This technique involves listing resources needed for a project and totaling the corresponding costs. This technique is mostly used for complicated projects. Resources listed may include equipment, services, and material costs (Kerzer, 2001). Cost per unit can be used to evaluate simple projects.

Typical applications of this technique include building and renovation costs. Unit costs can be obtained from industry associations or from prospective suppliers (Kerzer, 2001). An empirical approach is applicable when the project is typical of the industry or other firms have done similar projects in the past. This technique involves evaluation of systems with statistical information