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Question: You developed the WBS of multiple levels, including work packages, at the lowest level based on the initial project requirements below,...
Question: You developed the WBS of multiple levels, including work packages, at the lowest level based on the initial project requirements below, which were further elaborated. Also, you were asked to identify all the available resources inhouse and resources required externally in Chapter 9 for this case study. If not developed, it is important now to develop a resource breakdown structure (RBS) to estimate the total budget of the project. Building a single-family, partially custom-designed home as required by Mrs. and Mr. John Thomas on Strath Dr., Alpharetta, Georgia. The single-family home will have the following features:
3,200 square-feet home with 4 bedrooms and 2.5 bathrooms Flooring hard wood in the first floor, tiles in the kitchen and bathrooms, carpet in bedrooms Granite kitchen countertops, GE appliances in the kitchen 3-car garage and external landscaping Ceiling 10 in first floor and vaulted 9 ceilings in bedrooms 7-year warranty for structure and 2-year warranty for finishing components
Using the WBS and RBS, you were asked to develop a bottom-up cost estimate. This approach will require you to identify resources required for each lowest-level WBS activity. Once resources are identified, you will estimate the effort required for each resource. The cost estimate is derived from the resource effort required. This approach tends to be more stable because, when estimating, errors have a chance to balance out. However, it requires more preparation effort than top-down estimates. In essence, the estimate is based on a more detailed understanding of the project Tasks to Complete
The resource expenditure of each lowest-level WBS activity is estimated.
Resource effort (duration and cost) in monetary terms is estimated for all the resources.
Costs for all the activities under the same WBS element at the next higher level are rolled up. This process is continued for all the WBS elements to determine the overall project estimate.
