Project Estimating Techniques Essay Example for Free

Project Estimating Techniques Essay Introduction   Ã‚  Ã‚  Ã‚   Project estimating techniques are important to project managers, because they provide them with accurate predictions on which good planning and risk assessment are more soundly based. An estimate is used as an assessment tool to determine the quantitative outcome of a project. Project estimation is important because it justifier’s the project, usually at the initial stage of the project. This is because it enables the project managers to compare the costs with the anticipated benefits, thus determining the profitability of the project. Project estimation is important because it assists in enforcing the various disciplines required to make the project succeed as well as enabling everyone understand the impact of the project. Project estimation is usually based on three components, which include experience, expert judgment and task decomposition. In experience, the project is compared with projects that have been previously completed. In task decomposition, the project is decomposed into various components known as work breakdown structures and estimating the outcome of each work package. (Rad, 2002). Cost estimation technique   Ã‚  Ã‚  Ã‚  Ã‚   Cost estimation and budgeting involves estimation of the cost allocated to various duties in the project and the budget for each duty. The initial cost estimation of a project determines the fate of that particular project. It is very important to make accurate cost estimation, because if the cost is over estimation, there is a high likelihood of losing the project. Cost estimation involves identifying various elements, which include resources that are required for the project profits to be made from the project, overheads involves into the technology and the total expenses of the project. The total costs of the project should be analyzed in relation to the work packages of the project. In cost estimation, the total budget cost of each work packages in the projects identified and the process distributed over the time spent on each work package. The cost of each work package is then determined based on the activities and time spent on the package. The cumulative budget cost is used to determine the cost spent over a period of time and it analyzes the cost performance of the project.  Ã‚   The cumulative budget cost is used as a baseline against the actual cost and performance of the project. While preparing the cost estimation budget of a project it is important to consider decision-making processes, investment opportunities and performance reviews. During the project, project managers are advised to keep tract of the committed cost as well as the actual cost by collecting data and maintaining it in an information system. The committed cost should be set aside because it is money that has to be paid out in future. Another important element in cost estimation is determining the earned value for a project. This is determined by the value of work that has been performed and requires collection of data on the complete percentage of each work package. ( Lock,2007). Base and contingency estimation   Ã‚  Ã‚  Ã‚  Ã‚   In base and contingency technique, the estimation involves two components the base and the contingency. The base is referred to as the minimum expected time that is required to complete the project if everything goes as planned. The contingency is the level of trust that is usually placed on the base when all risks taken are put into account. Contingency costs are set aside only for unexpected events and omissions that may arise during the project. Separating the base and contingency cost is determined by considering everything that fail or go wrong during the project. The contingency cost is determined by using the risk analysis technique. Importance of project estimation techniques in an organization base and contingency estimation in an organization, the project manager is required to take into account all the wide risks that the project may encounter. The manager is also required to undertake a risk analysis and determine the appropriate amount of contingency to be set aside. The project contingency can be estimated by determining the money and resources to be used in the project. In order to produce an estimation of the project, the project manager is required to decompose the project into various tasks, otherwise known as a work breakdown structure. The project manager will then estimate each task as appropriate, add the estimates together and finally add the project contingency. Contingency estimation is usually based on expert judgment dependent on various cost engineering. Cost estimation   Ã‚  Ã‚  Ã‚   The cost estimation technique in an organization is required in order to support good-decision making processes as well as making a schedule of the work. Project managers use the cost estimation technique to determine whether the project is worth the effort being put into it. The development of cash flow needs and time-phased budgets requires a proper cost and time estimation technique. Project estimation is important in an organization because it enables them decide whether investing in a certain project is good for the company. (Verzuh, 2005). Conclusion   Ã‚  Ã‚   Project estimation is the foundation of planning a project because it establishes appropriate targets for the cost and the work packages. Project that are planned based on unrealistic estimations turn out poorly and with very high budgets and schedules. In order to achieve reliable estimates, the project scope should be well identified and defined. If the product scope is defined as unrealistic, then the estimation may be inaccurate therefore leading to very unrealistic targets; initially the project estimation is based on decomposition of the project into work packages. Project estimation is thus, essential for project planning and target setting. Reference Rad, P. F. (2002). Project estimation and cost management. Management concepts. Lock, D. (2007). Project management. Gower publishing Verzuh, E. (2005). The fast forward MBA in project management. John Wiley and sons.

The West Virginia 1985 Flood Essay Example for Free

The West Virginia 1985 Flood Essay The floods of November 1985 devastated much of West Virginia. Authorities called the record-breaking floods that began November 4 the worst this century. More than 3,500 homes and 180 businesses were wiped out. 123 bridges were destroyed or damaged and hundreds of thousands of farm animals were killed. 47 West Virginians lost their lives, 28 of whom resided in Pendleton and Grant counties. 33 of West Virginias 55 counties were declared disaster areas. Its highest winds moved at 85Â  mph (140Â  km/h). Damage was estimated at $570 million. Hurricane Juan was blamed for the floods throughout central and eastern West Virginia, which hit the Gulf Coast on Halloween and moved north. As a step towards recovery The Forest Service scientists at the Northern Research Station’s Fernow Experimental Forest near Parsons, West Virginia along with the West Virginia Division of Forestry and Virginia Tech University have been evaluating the effects of forestry activities on flooding. Important conclusions from these research efforts are:-Most hydrologic models are not designed to handle extreme events, such as flooding; therefore such models must be used as predictive tools with caution; The amount and intensity of rainfall are the main determinants of the level of peak flows (the largest peak flows result in flooding), and during very large storms, harvesting activities did not significantly affect peak flows; and Timber harvesting does not contribute significantly to flooding. The Chessie System workers had one span of the new girder bridge in place less than a week after the flood waters had receded. Instead of constructing another double track bridge, Chessie System decided to just build a single-track one and construct a new interlocking farther west on Cheat River grade near Carrico Road Xing this solved the urgent communication problem that had resulted due to the collapse of the of the bridge. A culvert was put in place to channel the rest of the water over the side. In any natural disaster, a communitys self-sufficiency is its best hope for a speedy recovery. West Virginians were the model of resiliency in the aftermath of the 1985 flood. Not only did they help their neighbors by donating food, clothing and money, but also they banded together to rebuild their communities.

Management of Health and Social Care Financial Issues

Management of Health and Social Care Financial Issues Explain how financial shortfalls can be managed. If a health and social care organisation faces financial shortfalls I could handle the situation by; Cash flow: In the effectiveness management of the cash flow process we can sell some assets that are not in use so that the organisation can get some cash in order to run the business. The organisation could also take out a loan to cover the financial shortfall but this will need to be paid back with some percentage of interest which will put the organisation or care home in more debt so the organisation should be working effectively on the Controlling cost,Spreadsheet, Training, Alternative funding, Reserve fund and Prioritising expenses, etc Ladybird care home can also rise the cost of the services offered to service users and use the profit against the financial shortfall but in this case the company may lose the number of service users taking the services as they can get a lower cost service elsewhere. The organisation can also put any projects on hold for time being and use that money in the financial shortfall to cover some amount of debt, once the financial problems have been sorted then they can run the project again. Ladybird care home can cover some part of the shortfalls in alternative ways other than taking out a loan and falling into more financial shortfall in future by holding a (charity fundraising events, donation, grants from government or other companies working in partnership) with Ladybird care home. As a health and social care professional and having knowledge on financial management department I can look into the system and see where the money has gone into and analyse the shortfall and accordingly f ixing the various target areas of expenditures. We can also keep a track of the system and prevent any future financial shortfalls. 3.2 Explain the actions to be taken in the event of suspected fraud. All allegations of fraud must be investigated. Where appropriate the police must be informed. Actions must be taken where fraud is proved. The risk of fraud must be regularly reviewed as part of managers overall assessment of business risk. Steps that managers must take are; the managers role is to Identify the risk areas in the healthcare organisation and allocate responsibility for the risk. The manager has to deal with any risk that may rise and identify controls that would improve the way in which the risk is being managed, because the manager has to make sure the employees are not at any risk during working hours. The manager at the health care organisation has a duty to implement the revised controls and evaluate the effectiveness of the controls to prevent from future risk of fraud taking in place. All the staff members at workplace must report any suspect of fraud to their line manager but they must not take any actions as they may put themselves at risk. Staffs have also a role to be taking in place when a risk of fraud rises, they need to report it immediately but also should avoid putting themselves in danger. Staff must: Staff should make an immediate note of their concerns and let some know their suspicions. This person must be with the appropriate authority and should have the experience to deal with the situation. Staff must also take anonymous letters seriously. This is because a whistleblower may not want their identify to be disclosed. Staff must not: Do nothing. Be afraid of raising any concerns. Approach or accuse any individuals directly. Try to investigate the matter themselves. Convey suspicions to anyone other than those with the proper authority. Handle documentary evidence more than necessary. The next stage is audit and corporate assurance fraud team; they will carry out investigations into allegations of fraud and will provide advice and guidance to line manager on how to deal with this type of situation when raised. The audit team will make announced visits to check on the areas where there is a high risk of frau; by raising fraud awareness at team meeting, conferences and presentations. The investigation will be carried out using analysis tools to interrogate corporate data to identify indicators of possible fraud. 3.3 Evaluate budget monitoring arrangements in a health and social care organisation. In every organisations there is a way of monitoring budgets but have their own systems of arranging information to process it. In Health Care Tech PLC, the financial manager doesnt have any formal qualification in the finance sector but he has years of experience in managing care home budgets and his also good with keeping cashflow statement on a spreadsheet. NMS is a network management system, it is a set of hardware and software tool that allows IT professionals to supervise the individual components of a network within a larger network management framework. Reference   www.justice.gov.uk/downloads/offenders/psipso/pso/PSO_1310_anti_fraud_strategy.doc www.hse.ie/eng/staff/resources/hrppg/fraud_policy.pdf The role of budgets in organisations facing strategic change: an exploratory study. (Margaret A. Abernethy, Peter Brownell)

Laws Restricting the Paparazzi Essay -- Celebrity Photographer Media T

The paparazzi - a fusion of the Italian words papatacci, meaning gnat and razzi meaning the popping of flashbulbs. It is also known as aggressive photography. The word paparazzo was coined by Federico Fellini, the name he gave to a prying society cameraman in his 1959 film "La Dolce Vita". Paparazzi photographers are fueled by large sums of money offered by the tabloid press. They try to catch the rich and famous in unflattering situations. The new breed of journalism grew by leaps and bounds after the Watergate scandal first broke in Washington, DC (Petersen's, 57). At first the paparazzi were an annoying group of photographers who were persistent when trying to get the perfect shot of a celebrity so they could sell the image for large sums of money but as technology became more advanced so did the equipment the paparazzi used - telephoto lenses, hi-tech listening devices, and powerful zoom lenses on video cameras. No major celebrity can avoid them. Emerging from cars, entering glittering parties or trying to take a secluded vacation, the glamour figures of the '90s are hounded mercilessly by the men-and a few women-who wield long lenses and a brazen shamelessness (Maclean, 38). Today, paparazzi's tread on private property, film celebrities during intimate moments, and even go as far as stalking a public figure. Some of these photos can be worth in the millions of dollars. A single photograph of Prince Charles seen together with his mistress Camilla Parker-Bowles is estimated to be worth 5 million English pounds. The prince says he "would love to figure out a way for the proceeds to go to charity" (Newsweek, 95).The prince and his mistress usually arrive and depart at different times in order to avoid the paparazzi when they attend a function together. The prince has been lucky. Almost all well known faces have had run-ins with the paparazzi but many have horror stories to tell. The Screen Actors Guild has been concerned with the paparazzi and how it affects many of it's 100,000 members. "The death of princess Diana was the final straw" according to the SAG president, Richard Masur. He, along with California Senators Diane Feinstein, Barbara Boxer, and three respected constitutional scholars had a meeting to discuss what could be done about the paparazzi. In less than four hours, they came up with the rough wording of S. 2103 (Quill, 27). Before... ...g with the intent to capture audio or video images of a celebrity or crime victim engaging in a personal or family activity. It will allow the celebrity or crime victim to recover damages from the paparazzi and people who employ them (Victorville). According to Andrea Brown, a spokesperson for former governor Pete Wilson, "The governor thought it was important because of safety issues for normal everyday people. These people deserve to conduct their personal lives in private. Technology requires changes in any law. It creates new ways for people to commit crimes." After all the research done on the pro's and con's of new laws that would affect the paparazzi it's easy to see how these laws could affect people on both sides of the issue. Paparazzi photographers have to make a living and the famous deserve their privacy. Celebrities know that with fame comes the loss of privacy but they do not deserve to loss all privacy and not all paparazzi photographers are ruthless, shameless, aggressive people. The laws that came into effect on January 1st, 1999 were only to restrain the most aggressive of photographers. We can only hope that the paparazzi will learn when they've gone too far.

Epic of Beowulf - Christian Morals in Beowulf :: Epic Beowulf christbeo

Christian Morals in Beowulf Beowulf is an epic tale that has been changed over time to try and express a christian moral. While this transformation over time has added a new variable to the plot, it is still impossible to try and erase the original pagan plot completely. It has become evident that the original epic was pagan and had no mention of the biblical references or the christian morality that it contains now. However, it is also evident that the original story dealt with the concept of a higher being or beings. The overriding christian view has many facets and deals with them all as a new way of proposing christianity into the theme of the story. The reason that Grendel becomes outraged is that the bard in the mead hall is singing a song that has to do with creation. This shows Grendel's apparent disregard for God and he proceeds to go to the hall and capture men and eat them while they are asleep. As we progress into the story, we learn that Grendel carries the curse of Cain with him. "He bore the curse of the seed of Cain/ Whereby God punished the grievous guilt of Abel's murder." Cain was the son of Adam and Eve and was the one who murdered Abel, his brother, out of a jealous rage for God's favor to Abel. This shows us that Grendel had more than just a dislike for the men, the song was showing Grendel that his ancestor was looked upon as the bad person and was therefore the underlying concept for Grendel's rage. This was the constant reminder to Grendel of his evil past and thus his reasoning for his actions. We learn to see Grendel as a less than human being, but in actuality, he is a monster who has a degree of humanity in him and that is the reason that he is so hard for Beowulf to kill. He has the human emotion of pride which ultimately is the cause of his downfall. While this seems to be a major part of the story line, it can be removed and the story will only lose the background of Grendel's evil side. This could have been where the real story of Grendel originally was. As with many of the classic medieval stories there is a sense of a higher being and fate is a major factor in Beowulf.

Television and Media Essay - Daytime Talk TV -- Media Argumentative Pe

Daytime Talk Television      Ã‚   Daytime talk television is certainly controversial. There are those who find these types of shows informative and helpful. There are others who view these shows as pointless and inappropriate. I agree with the latter. Daytime talk television is pointless and it presents material that should not appear on television. I believe that some talk shows need to be removed from the airwaves and not seen again.      Ã‚  Ã‚  Ã‚  Ã‚   When looking at daytime talk television, once can see that there are two main styles, which are apparent when looking at the content and manner at which they are presented. There are show like Ricki Lake, Jenny Jones, and the infamous Jerry Springer who bring guests out onto the stage and exploit their problems and in no way try to help the guest through whatever is bothering them. These hosts have shows whose topics range from cheating spouses to homosexual crushes. Jenny Jones hosted a show in which a homosexual man confessed his interest in a heterosexual man. This turned out to be a homicide case, a couple days after the show. The conflict is rarely resolved and most of the times the situation is made worse and more complicated, as in the case of the homosexual's murder. These shows simply parade people with little shame for their behavior. These shows are out to be wild and crazy and make money, with no regard for those who help them achieve this . The other talk shows that appear on television, however, tend to be very positive and are working to some goal. These shows deal with people's feelings, conflicts and experiences and present them to the audience to help council them or guide them through common struggles that other people are dealing with . Oprah... ...It turns out that Oprah is one of the few positive talk shows on television. I believe that Oprah is trying to make life better for others and so I approve of her work. On the other hand, daytime talk television is only entertainment and a display of dirty values. It should not be allowed to portray several of the ideas that it does. As Merry Thomas states, "I would love to see new shows on television which are wholesome and appropriate for viewers of all ages." This is an excellent idea because we can all learn good things from good values.    Works Cited Gaines, Donna. "How Jenny Jones Saved my Life." The Village Voice 1995. Greene, Leonard. "Talk Shows Need to Take Responsibility for Content." The Boston Herald. October 30, 1995. Thomas, Merry. Telephone Interview. 27 Feb. 2002 Thomas, Rhett. Telephone Interview. 27 Feb. 2002   

The Pentium Flaw

Back in June, 1994 the Pentium Flaw was noticed by Intel testers, who had discovered a division error on the Pentium chip. Intel managers didn’t see this as a major problem so they kept this from anyone outside their corporation. The nature of this issue was a mathematical problem in their Floating Point Unit (FPU), or the math coprocessor. The Pentium chip was having glitches in calculating large divisions. It wasn’t until October 19th, when Dr. Thomas R.  Nicely had revealed the malfunction of the (FPU) trying to do certain calculations. Dr. Nicely was a mathematics teacher at Lynchburg College in Virginia.After running several test on the 486 and Pentium he had pin pointed the error to the Pentium chip. Dr. Nicely contacted Intel and they had confirmed the error, but said they had no reports till then. Intel handled the situation very poorly; they would not return contact to Dr. Nicely, forcing him to write a letter on the internet about the flaw.Even then Intel co ntinued to consider the problem as minor. The internet was getting loads of articles on the flaw and people were making a joke out of Intel. By not letting the industry know about the Pentium glitch, Intel showed their selves to be untrustworthy to the costumer. There are so many different ways Intel could have handled their mistake. They chose to rather send a measly email of apology from the President of Intel with the wrong address. This infuriated costumers saying it was a fake.In the Pentium problem (Janeba, 1995) wrote: Intel's policy, when it first publicly admitted the problem around November 28 of 1994, was to replace Pentium chips only for those who could explain their need of high accuracy in complex calculations. Intel tried to fix the problem still as a minor error and kept delaying the proper fix. By Intel postponing the fix on the (FPU) cost them even more money than what it would have, if they’d answer back right away with an honorable fix. This goes to show y ou learn from your mistakes.Eventually in late December Intel declared they would replace all flawed chips upon request. Now Intel has employees who keep up on newsgroups on the internet to see what people are saying about Intel; and they now conduct a better follow up with unsatisfied costumers. I believe Intel did handle this publicity very incorrectly. For being a well-known corporation they didn’t act like it. When they first got word of Dr. Nicely and his discovery on the flaw, Intel should’ve immediately contacted the professor with any apology and offered to replace the bad one.If this procedure would have been done the professor would have been happy, and never have written what he did. Then customers possibly wouldn’t have known of the flaw. In my opinion of the question, what would happen today if this same problem occurred? I don’t think Intel would take the same route they did back then. Intel is a well-established corporation and I believe th ey would act faithfully with great hast, to solve the problem. I think they have a greater appreciation of their customers now, since this whole Pentium Flaw hit the fan. The Pentium Flaw Back in June, 1994 the Pentium Flaw was noticed by Intel testers, who had discovered a division error on the Pentium chip. Intel managers didn’t see this as a major problem so they kept this from anyone outside their corporation. The nature of this issue was a mathematical problem in their Floating Point Unit (FPU), or the math coprocessor. The Pentium chip was having glitches in calculating large divisions. It wasn’t until October 19th, when Dr. Thomas R.Nicely had revealed the malfunction of the (FPU) trying to do certain calculations. Dr. Nicely was a mathematics teacher at Lynchburg College in Virginia. After running several test on the 486 and Pentium he had pin pointed the error to the Pentium chip. Dr. Nicely contacted Intel and they had confirmed the error, but said they had no reports till then. Intel handled the situation very poorly; they would not return contact to Dr. Nicely, forcing him to write a letter on the internet about the flaw.Even then Intel conti nued to consider the problem as minor. The internet was getting loads of articles on the flaw and people were making a joke out of Intel. By not letting the industry know about the Pentium glitch, Intel showed their selves to be untrustworthy to the costumer. There are so many different ways Intel could have handled their mistake. They chose to rather send a measly email of apology from the President of Intel with the wrong address. This infuriated costumers saying it was a fake.In the Pentium problem (Janeba, 1995) wrote: Intel's policy, when it first publicly admitted the problem around November 28 of 1994, was to replace Pentium chips only for those who could explain their need of high accuracy in complex calculations. Intel tried to fix the problem still as a minor error and kept delaying the proper fix. By Intel postponing the fix on the (FPU) cost them even more money than what it would have, if they’d answer back right away with an honorable fix. This goes to show you learn from your mistakes.Eventually in late December Intel declared they would replace all flawed chips upon request. Now Intel has employees who keep up on newsgroups on the internet to see what people are saying about Intel; and they now conduct a better follow up with unsatisfied costumers. I believe Intel did handle this publicity very incorrectly. For being a well-known corporation they didn’t act like it. When they first got word of Dr. Nicely and his discovery on the flaw, Intel should’ve immediately contacted the professor with any apology and offered to replace the bad one.If this procedure would have been done the professor would have been happy, and never have written what he did. Then customers possibly wouldn’t have known of the flaw. In my opinion of the question, what would happen today if this same problem occurred? I don’t think Intel would take the same route they did back then. Intel is a well-established corporation and I believe they would act faithfully with great hast, to solve the problem. I think they have a greater appreciation of their customers now, since this whole Pentium Flaw hit the fan.