Please read the Case-5.2 “Post-Graduation Adventure.” from Chapter 5 “Estimating Project Times and Costs” given in your textbook – Project Management: The Managerial Process 8th edition by Larson and Gray page no: 164 also refer to specific concepts you have learned from the chapter to support your answers. Answer the questions asked in case study as deliverables where you should consider the milestones and technical requirements.
Josh and Mike met as roommates during freshman year at Macalester
College in St. Paul, Minnesota. Despite a rocky start they became best
friends. They are planning a two-week adventure together to celebrate their
graduation in June. Josh has never been to Europe and wants to visit France
or Spain. Mike spent a semester abroad in Aarhus, Denmark, and traveled
extensively in northern Europe. Even though Mike has never been to France
or Spain, he wants to go to someplace more exotic, like South Africa or
Vietnam. For the past week they have been arguing over where they should
go. Josh argues that it will cost too much to fly to South Africa or Vietnam,
while Mike counters that it will be much cheaper to travel in Vietnam or
South Africa once they are there. They agree that they can spend no more
than $3,500 each on the trip and could be gone for only two weeks.
One evening when they were arguing with each other over beers with
friends, Sara said, “Why don’t you use what you learned in your project
management class to decide what to do?” Josh and Mike looked at each
other and agreed that made perfect sense.
1. Assume you are either Mike or Josh; how would you go about making a decision using project management methodology? Explain in 250 words
2. Looking first at only cost, what decision would you make? Explain in 250 words
3. After cost, what other factors should be considered before making a decision? Explain in 250 words
4. Discuss top-down and bottom-up estimating and different approaches used. (250 words)
5. Discuss different project management structures. (250 words)