Ladies and gentlemen Good-evening to every one -
First of all we would like to thank our professor who give us this opportunty
This evening we are going to introduce Time and Cost management presentation.
And in fact in the project management we can not talk about time without
indicating cost. both of them have a closed relationship .moe of this, they complet
each other and to make a changes on one will absolutley causes an impact on
the other . And here we give you a breif defintion about time and cost . and to
what extent they are related ?
Time : the project managers consider the time as money or as treasure
that’s why they managing time by planing and organizing between the
activities
Cost :the project managers must analyzing and reporting the cost
information of the project in order to get the more effictively budget.
The relationship :time and cost are considered as the two pillars of
management because they are combinating each other also they have a
closed relationship.
give the project managers a general idea
The estimate activities duration
about the amount of time eaach activity will take to complete it. So this
process is perforpmed throughout the project . also give an idea about the
potiential risks
In the Triangular Distribution the Expected amount of time or cost, is calculated
as the mean of the Optimistic, Most Likely, and Pessimistic estimate. In the PERT
Beta Distribution, the Expected amount of time or cost, is calculated by giving a
weight of 1 to the Optimistic and Pessimistic estimate and a weight of 4 to the
Most likely estimate.
PERT is used in larger projects that are generally executed for the first time and
time estimates from past experiences or data are not available. It would therefore
be used in Projects like landing a man on the Moon or Mars, design and
development of electric cars, Augmented Reality, etc. The US Navy first used PERT
in the Polaris Submarine Missile Program.
There are five activities :
Expert judgement :this activity is based on an expert experience, expert
opinion, and other previous sources of information
Analogous estimate : the project managers use this activity when they have
a limited details of the project and they need a quick result. This activity
the project mangers do not need the accuracy
here we are depending on the historical records and
Parametric etsimate :
data to calculate the duratio of activty.
The triangular estimate or pert distribution : both
of them using the same points
estimates but with a different data. These two activities can reduce the
chance of risks and uncertainty.
this example.that we can see that the pert distribution
The result from
estimate give more weight to most likely estimate in the equation. -
we can indicate that if there is a past experience, 8 days is good as timelines. But
in the case, there is no past experience so 9 days can be quoted
bottom up estimate : the project mangers use this activity when he has all
the details available about the project more of this it can consiederd as the
most accurate
The links between activities :
1- The project managers can make a schedule or a calendar based on
the detail of the activity duration estimate.
2- The preoject managers can adjust time estimate throughout a project
life cycle as they learn more information
3- The project managers can make trusting between them and
stakeholders or investors throughout the communication.
Tank you for your attentio and I will give the speech to ..