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# Pm 592 Assignment 2 Essay

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PM 592 : Week 2 Assignment

2 -1 Basic Estimating Problem: Develop a Cost Estimate

Equipment (items 1-4)

1. 2 Pieces of equipment: Cost = \$15,000 + \$35,000 = \$50,000

2. Electric Hook ups: (400 ft) (\$25 per foot) = \$10,000

3. Controls for equipment: 2 x \$600 = \$1200

4. Start-up Materials: (3,700 pounds ) (\$2.70) = \$9,990

a. Equipment /Material Cost = \$71,190

Installation and Labor (items 5 - 6)

5. Labor and installation: (2 specialist)(2 days)(8hours)(\$35.00 per hour) = \$1,120

6. Contract Labor = \$7,500

a. Installation and Labor Cost = \$1,120 + \$7,500 = \$8,620

7. Engineering 15% (equipment/materials) = 15%(\$71,190)= \$10,678.50

8. Inspections 3% (labor) = \$258.60

9. G&A Expense 5%(Equipment/Material + Labor) =5%(71,190+\$8,620)= \$3,990.50

a. Overhead Cost = \$10,678.50 + \$258.60 + \$3,990.50 = \$14,927.60

Total Project Cost = (Equipment and Materials) + (Installation and Labor) + Overhead

=   \$71,190 + \$8,620 + \$14,927.60

= 94,737.60

2-2 Three Point Estimate Problem

Solution A:

Formula: 3 Point Estimate =   (Optimistic + (4 Most Likely) + Pessimistic )/6

ML = .30/lb

O = .24/lb

P = .62

= (.24/lb +( 4 x .30/lb) + .62/lb)/6

= (.24/lb + 1.2/lb+.62/lb)/6

=   2.06/lb / 6

= .34/lb

Solution B:

Formula: 3 Point Estimate =   (Optimistic + (4 Most Likely) + Pessimistic )/6

ML = 40 tons

O = 37 tons

P = 47 tons

= (37 tons + (4 x 40 tons) + 47 tons)/6

= 37 tons + 160 tons + 47)/6

= 40.67 tons

Solution C:

Expected total cost (simple method) = 41 tons @ .34 per pound and 1 ton is equal to 2000 lbs

41 tons * 2000 = 82,000

82,000 * .34 = \$27,880

Solution D:

Expected Cost: \$0.34/lb x 82,000lbs = \$27,880
Most Optimistic Cost: \$0.24 x...

• Submitted by: datasith794
• on January 27, 2013
• Length: 497 words
• Views: 368
• Popularity Rank: 216266
• 1 rating(s)

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