The difference between Parametric and Forecasting methods of cost estimation.

1. Project closure: Using a well labelled diagram, explain the seven elements of project closeout management (30 marks)
2. CPA and Resourcing

a. Considering the project information presented in the table below:
i. Draw the network diagram (10 marks)
ii. Calculate the total duration of the project (5 marks)
iii. Identify the critical path of the project (5 marks)

Activity Predecessors Duration (days)
A – 4
B A 5
C A 7
D B 6
E B, C 5
F D 4
G F 5
H E, G 3
I H 2

b. Explain the difference between Parametric and Forecasting methods of cost estimation.