Topic 1: Estimating Project Costs How do you estimate project costs? As you lear

Topic 1: Estimating Project Costs
How do you estimate project costs?
As you learned earlier, customers and stakeholders expect project managers to deliver a definitive and functional cost estimate in a timely manner. How do project managers do this? As you read, there are three levels of estimation in a project: the WAG, the SWAG, and the ″you bet your job on this figure″ estimates. They are referred to in the industry as the ″order of magnitude,″ the ″budget,″ and the ″definitive″ cost estimates. The PMP® Study Guide addresses them under analogous, parametric, and bottom-up estimates, respectively. Explain which of the three is used wherein the project lifecycle.
Topic 2: Understanding Stakeholders
Stakeholder management is almost a full-time job. Stakeholders are a diverse group with their own personalities, interests, expectations, and more. It is critical to the project′s success that you, as the project manager, understand all the key stakeholders′ needs and devise a plan to engage them in the project and manage their expectations. List four stakeholders for your chosen project and identify what information they will need regularly regarding the project and how you will communicate that information to them. You should list four information sources and four communication methods — one for each stakeholder.
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