Project Engineering Midterm ENG 251 W04 1 Identify five trad

Project Engineering Midterm ENG 251 W04 1- Identify five traditional contract elements (such as schedule, etc.). Discuss what each is intended to achieve. (10 points) 2- Explain the difference between a code and a standard. (5 points) 3- Explain the difference between: a-the cost estimate and cost budget you will manage (5 points) b-the estimated schedule durations and the schedule you will manage (schedule \'budget\') (5 points) 4- If the durations in the schedule are based on \"historical\" estimates, would you (explain your reasoning) add slack, or float: a-to all durations, or b-to critical path durations only, or c- to none of the durations. (10 points)

Solution

2. Difference between Code and Standard-

Code- Code is always a set of rules or definitions that is established after centuries of continuous experiments, expert judgment and continuous elaboration that specifies the minimum acceptable attributes for a particular product, service, result, technical issue and so on for society’s will.

For example: International Building Codes (IBC) obligates the incorporation of Fire Protection and Prevention system into building construction.

Standard- Standard is always a set of the detailed rules, processes, procedures and guidelines developed tasted and determined as good practices for the delivery of referenced particular product, service, result, in strict conformity with requirements (definitions & attributes) established (stated) by code.

Example (Fire Protection and Prevention system in Building): Almost all of the countries in the world have their own standards for fulfillment of the Fire Prevention and Protection need in buildings.

Codes are supplements for law and Standards are approaches to meet Code.

3. Difference between:-

a. Cost estimate and cost budget-

Cost Estimate- The cost estimates are simply the costs associated with the work packages or activities within the project schedule. Depending on the work package or activity, the cost estimate may be determined using parametric, three-point, or analogous estimating techniques.

It is important for all cost estimates to include any assumptions that were made, where did the estimate originate, who provided the information, level of confidence, etc.

Cost Budget- The budget is built using the cost estimates and the project schedule. The budget provides a view of how much the project is estimated to cost both from a total and a periodic perspective. This budget feeds the cost performance baseline which is then used as critical ingredient in performing earned value analysis and other cost management variance analysis techniques.

The project budget must be in alignment with the organization’s funding limits in order to ensure the funding is available and has been appropriated.

b. Estimated Scheduled Duration and Schedule-

      Estimated Scheduled Duration- When you don\'t know how long the task will take you \"estimate\" the duration. Otherwise, it is a known duration. Project does take it into consideration when calculating schedules. It can also be good tool to help manage unknown task timing.

      Schedule- A schedule is a listing of a project\'s milestones, activities, and deliverables, usually with intended start and finish dates. Those items are often estimated by other information included in the project schedule of resource allocation, budget, task duration, and linkages of dependencies and scheduled events.