Time & Cost Practices: Draft Cost Management Document

Overview and Rationale
For this assignment, you will be creating a 2-3 page cost management document related to
your project. This assignment is your first draft of the final Cost Management Document.
Program and Course Outcomes
This assignment is directly linked to the following key learning outcomes from the course
syllabus:
• Critique the various estimation methods (analogous, parametric, bottom-up and
three-point estimating; as well as reserve analysis and cost of quality estimation)
• Design a cost management plan outlining how the schedule and cost would be
defined, estimated, validated and controlled throughout a project.
In addition to these key learning outcomes, you will also have the opportunity to evidence
the following skills through completing this assignment:
• Critical thinking and analysis
• Technical Competency
• Problem solving
Essential Components & Instructions
This assignment will require you to create a document with the following sections:

1. Cover Page – Include your name and your project name.
2. Project Overview -- Provide a brief description of the project (scope statement, not
   entire document, just a high-level overview; one or two brief paragraphs). Help the
   reader understand the project.
3. Estimation Process Description -- At minimum address the following items:
   a. What estimating method or methods will you be using?
   b. Why will you be using these methods? How does it apply to your project?
   Provide a valid explanation as to why these methods were chosen over the
   alternatives.
   c. Who will be responsible for creating the estimates? Consider all of the people
   who should be involved.
   d. Who will be responsible for reviewing and approving the estimates?
   e. How will the estimates be aggregated (grouped)?
   f. How will you seek to account for padding and reserves in your estimates?
   g. Statement regarding level of accuracy and units of measure to be used in
   your estimates.
4. Current estimate of your chosen project
   a. After completing Assignment L2 (Microsoft Project Activities & Time
   Estimates), create a brief summary of the estimated costs associated with the
   major deliverables of your project.
   b. It is best to create a table of the major deliverable and the cost associated
   with each and then provide a total
   c. Note: This initial estimate should be a high-level estimate