Analyse The Top Management Estimates

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Analyse The Top Management Estimates

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Analyse The Top Management Estimates

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Question:
Discuss about the Top Management Estimates.

Answer:
Action to take as the project manager

Having analyzed the information surrounding the project and is satisfied that the top management estimates were not realistic, I will boldly document the details to the top management and make them know my stand that the project is not likely to be a success. Continuing pursuing the idea will eventually consume the company resources and at the end fail to deliver the expected outcome which only means losses to the firm.
The top management did not act correctly in generating the estimates. During the project evaluation stage, several experts and other employees of the firm had doubts regarding the probability of the project success. The management however allowed the optimism of high project profitability to cloud their judgment and t the end the overall excitement triggered the ruling other than facts. Project analysis should be based on thorough research regarding viability and profitability. This though never happened as excitement carried the participants over (Gray, 2018).
The fact that the estimates were off target by up to $1250000 is a sign of lack of commitment in doing accurate cost evaluation rather the management preferred to rely on guesswork for a Vitol project which will cost the company a lot of resources both in terms of labor, technology and capital.
The management should apply the use of Project Management Estimating software. This will assist do the cost evaluation, simulations and statistical analysis surrounding the project. This technique will help the management improve their accuracy while at the same time obtaining information regarding cost estimate alternatives (Project-Management-Skills.com, 2018).

References
Gray, E. L. (2018). Project management: The managerial process. McGraw-Hill Global Education Holdings.
Project-Management-Skills.com. (2018, February 18). Project Management Skills. Retrieved from Project Cost Estimating Tools & Techniques: https://www.project-management-skills.com/project-cost-estimating.htm

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