This hybrid estimation technique of a project’s costs and duration begins with a top-down approach and then progressively improves the estimates for the project phases as they are implemented. Some projects by their nature cannot be thoroughly defined because of the uncertainty of product designs and configurations due to market volatility of supply and demand.
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CPFR is a set of business processes, backed up by information technology software and network infrastructure, in which supply chain partners in both internal and external environments agree to work in tandem to meet mutual business objectives. They cultivate a mutual understanding of each other, hence able to develop jointed Sales and Operations Plans (S&OP), and collaborate comprehensively to generate and update sales forecasts and replenishment plans in near real-time.
Parametric Estimation is an estimating technique which uses bottom-up approach to calculate estimated cost and duration based on inputs from historical data and project parameters. It is calculated based on mathematical relationship between historical data and other variables such as product output per day and cost per unit.
Apportionment method is also known as analogous estimating, uses historical data of past projects that are relatively standard to allocate duration and costs to various segments of the current project. This is performed by assigning percentages of the total planned duration or costs to each segment. It is commonly used in projects that are relatively standard with minimal variation. The percentages are assigned with close reference to past projects' resources and costs allocation.
A document that provides detailed information about deliverables, activity and scheduling of each component in the Work Breakdown Structure (WBS).
Issues and Considerations When Selecting a Delivery Method
1. Definition and Classifications of Flexible Work Arrangements