Proj6002 Cost Estimating For The Assessment Answers
Answer:
Description of the cost estimations: The cost estimation for the project of Construction of St Dimas Assisted Living Residential is based on the analysis of the project resources. The analogous cost estimation had been done for the analysis of the costs of the project in terms of the historical data present. The analysis of the past reports and activities had been helpful for aligning the utilization of the activities favouring the implication of the improved operation development. The analysis of the costs of the activities of Initial Marketing, Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and Light Assistant BR/Bath had been based on the calculation of the past reports and data available on the effective plan development. The alignment of the analogy for the activity analysis had been successfully aligned with the improvement of the successful activity development. The analysis of the actual implication of the operations had been successful for forming the alignment of the activities favouring the utilization of the rates and unit calculation of the activities. The multiplication of the resource units with the standard rates provided the final costs of the project. The parametric estimation had been based on the calculation of the cost estimation using past report data for the alignment of the effective deployment of the operations. The deployment of the activities had also been helpful for forming the deployment of the successive estimation for the activities listed as Initial Marketing, Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and Light Assistant BR/Bath. The three point estimation has been based on the alignment of the activities favoring the utilization of the optimistic, most likely, and pessimistic calculation of the resource cost. The three point estimation is helpful for reducing the risk probability in terms of the estimation methods. The alignment of the operations had been helpful for the utilization of the improved operation development.
Justification of the estimation: The estimation had been based on the alignment of the development of the activities of Initial Marketing, Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and Light Assistant BR/Bath. The formation of the green function considerations for the building and construction. The deployment of the activities would also be resulted for estimating the multiplier of the resources. The multiplier of cost value in current cost has been added to the costs of Initial Marketing, Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and Light Assistant BR/Bath from the parametric cost estimation. It would result in forming the effective estimation of the project resources and alignment of the successive development of the activity’s costs. The budgetary plan includes the deployment of the successive management of the resources and the cost variable for the project has been resulted for using the effective implication of the activities. The estimation of the project resources would be based on the implication of the effective rates and calculation of the resources. The expected calculation of the cost has been based on the calculation of the 3 point estimation of optimistic, most likely, and pessismistic. The formula that had been used for the calculation was cost optimistic + 4X cost most likely + cost pessismistic and the sum would be divided by 6 for calculating the expected cost of the activities.
Bibliography
Aksenov, V. V., Walter, A. V., Gordeyev, A. A., & Kosovets, A. V. (2015). Classification of geokhod units and systems based on product cost analysis and estimation for a prototype model production. In IOP Conference Series: Materials Science and Engineering (Vol. 91, No. 1, p. 012088). IOP Publishing.
Aono, Y., Wang, Y., Hayashi, T., & Takagi, T. (2016, May). Improved progressive BKZ algorithms and their precise cost estimation by sharp simulator. In Annual International Conference on the Theory and Applications of Cryptographic Techniques (pp. 789-819). Springer, Berlin, Heidelberg.
Lee, S. K., Kim, K. R., & Yu, J. H. (2014). BIM and ontology-based approach for building cost estimation. Automation in Construction, 41, 96-105.
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