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The major problem estimating project time and costs is that there is no way to know in advance how long a project will take. This is especially true in software (and other hi-tech projects) where there is no historical data to use; if a similar project was already completed then why repeat it. Furthermore, software needs to run on various platforms and nobody can forecast how it will behave differently on the various platforms. Software also tends to be built to interact with other systems; and the affect of the integration is usually unknown until it's been tried. Other aspects such as performance (speed) and load (stress) can not usually be predicted. In industries such as building, there is often historical data; it's not unusual to build identical buildings.
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Estimating Software?
Estimating Software Can Save Time And Money Businesses predicated upon project work find estimating software a valuable time saver. Estimating software is available as part of regular modules within most accounting software such as Peachtree or Quickbooks. In departments where estimating is the chief responsibility it may be necessary to consider installing estimating software to hasten the pre-project cost analyses as well as costs for time, labor and parts. Small businesses as well as large operations where accounting transactions occur frequently benefit from estimating software. It’s infinitely easier to assess costs of various parts for mechanical inventories and mechanical installation projects with the use of estimating software. Examples Of How Estimating Software Works One example of how estimating software is a necessity is in engineering projects. Most engineering projects begin with estimating the cost of design, installation, equipment, parts, labor and time. This is done by estimators whose duty it is to research all of these costs, create a template in an estimating software environment and produce a estimated report of the total cost of the project. Another example of estimating software use is in small laboratories where testing is done. In these cases estimating software track costs of chemicals for testing, labor and time as well as tabulate the impact on overhead. The Final Stages of Good Estimating Software In its most useful final stage in the estimating process, estimating software has one other significant value: cost comparisons from one project or transaction to that of others. In instances where projects or business transactions are similar, estimating software tracks increases or reduction in costs that make it easier to identify budgetary impact. In large engineering projects, estimating is essential to maintain true cost of parts and labor from one project to the next. It just makes good sense to evaluate the need for estimating software as it pertains to the specifics of each business. For new businesses, estimating software is crucial to defining project costs vs. actual costs. Estimating Software And Internal Cost Accounting Internal cost accounting requires a tracking of estimated costs for projects or regular transactions of business to produce a clear representation of profit and loss.
What is the industry standard for estimating the percent of project manager time on a project?
7%
What are the major types of costs Which costs are controllable by the project manager?
Estimating the cost of a project varies based on the industry, the type and scope of the project undertaken and the time frame for completing the project. While the variables of any given project may change according to circumstances, there are four main elements of project costing found in most all project cost estimations. a. pre-planning b. material costs c. human resources d. operating costs
The process of forecasting or approximating the time and cost of completing project deliverables is called?
estimating
estimating software-what can one do with?
Estimating software is used by businesses that work on blue collar projects. Estimating software helps businesses plan costs and spending relating to a project. It also helps businesses report on key metrics involved in the project management aspect of any given job.Estimating software allows the user to break down a construction project into phases. The user can input certain information into the correct fields to provide the necessary information needed to calculate costs for a specific phase. Information on materials, dimensions of supplies used, labor and other costs are typically added into phases set up by the estimating software. The phases help the user create a detailed estimate for a customer if requested.Managing the resources associated with a project is another important function in the estimating software. All of the resources are tracked by the user. The person can track the amount of supplies required for the project. The number of labor hours used for a particular aspect of a project can also be tracked within the estimating software. The project management features help the company make sure that the project will be completed on time and within a certain budget.Quotes can also be generated in a more accurate manner through the use of an estimation software program. Many companies frequently submit bids that are too low, and as a result, they struggle to break even throughout the project. The quote software’s ability to calculate all of the components required for completion of a project ensures that no important components of a project are left out. Accurate quotes can protect the user from biding too low on a project.Reporting options are also available to the business. Productivity on all phases of a project is possible. Labor costs and other expenses can also be tracked by the type of project, and specific job can be reported on. The quotes most likely to help a business to secure a bid can be studied through the use of the reporting features available in some of the estimating software.The estimating software helps a business quote competitively and accurately, which makes for a more professional quote.
What is the distinction between product costs and period costs?
product costs are the costs that are assiciated with the whole project you are working on..from start to finnish. period costs are those costs that you need for a certain time fraime within the project itself.
Need of project management?
A disciplined project management process is important to any project. Project managers are expected to deliver results, on time (if not sooner) and on budget. Solid project planning reduces the risks associated with any project you take on. Here are ten reasons why you need project management: 1. Control scope creep and manage change; 2. Deliver project results on time and on budget; 3. Focus the project team on the solution; 4. Obtain project buy-in from disparate groups; 5. Define the critical path to optimally complete your project; 6. Provide a process for estimating project resources, time, and costs; 7. Communicate project progress, risks, and changes; 8. Surface and explore project assumptions; 9. Prepare for unexpected project issues; and 10. Document, transfer, and apply lessons learned from your projects.
What are some businesses that could save money by using estimating software?
Estimating software can save contractors and builders money and time. There are many types of estimating software programs, each tailored to the type of repair or project being used. Some of the types available are roofing, plumbing, electrical, mechanical and residential.
Where can I find good estimating software for the roofing business?
There are numerous programs for estimating costs. One of the more popular is sold at http://www.cprsoft.com/. For roofers there's www.roofcalculator.com/ which sells a specialized program. Any time I need to compare the various types of software, online services, etc, I always go to toptenreviews.com. I found they also have a page reviewing the top ten construction estimating software: http://construction-estimating-software-review.toptenreviews.com/
Why is it more difficult to keep the project on its time and costs schedules the later the project gets in its life cycle?
The later you are in the project, the less time you have to fix the schedule if/when things go wrong. Early in the project, you can rearrange tasks, add resources or simply the project; later on, those options aren't available.
What is program evalautaion and review technique?
Program Evaluation and Review Technique (PERT) is a project management tool used to analyze and represent the tasks involved in completing a project. It helps in estimating the amount of time required to complete each task and identify the critical path necessary for project completion. PERT uses three time estimates for each task to provide a more accurate prediction of the project timeline.
What is project viability?
Project viability states outcome of a project must be prudent and profitable comparing with its associated cost, time, quality, and manpower requirement. For ex: a project is not consider viable if its value exceeds its costs. Rajib Dev (JnU)BD.
