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Pm 592 Assignment 2 Essay

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PM 592 : Week 2 Assignment

Financial Plan Assignment Answers



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

Overhead (items 7 and 9)

  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...

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