Read the Case ” Post Graduation Adventure “ at the end of Chapter 5 and respond to the following questions:

Josh and Mike met each other as roommates during freshmen year at MacAlister College in St. Paul, Minnesota. Despite a rocky start they became best friends. They are planning on going on a two-week adventure together to celebrate their graduation in June. Josh has never been to Europe and wants to visit France or Spain. Mike spent a semester abroad in Aarhus, Denmark, and traveled extensively in northern Europe. Even though he never went to France or Spain, Mike wants to go to some place more exotic like South Africa or Vietnam. For the past week they have been arguing back and forth over where they should go. Josh argues that it will cost too much to fly to South Africa or Vietnam, while Mike counters that it will be much cheaper to travel in Vietnam or South Africa once they are there. Each of them agreed that they can spend no more than $3,500 each on the trip and could be gone for only two weeks.

(Rest of case not shown due to length.)

  1. Assume you are either Mike or Josh, how would you go about making a decision using project management methodology?
  2. Looking first at only cost, what decision would you make?
  3. After cost, what other factors should be considered before making a decision?

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Chapter Five Estimating Project Times and Costs Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 5–1 Where We Are Now Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 5–2 Learning Objectives 1. Understand estimating project times and costs are the foundation for project planning and control 2. Describe guidelines for estimating time, cost, and resources 3. Describe the methods, uses, and advantages and disadvantages of top-down and bottom-up estimating methods 4. Distinguish different kinds of costs associated with a project 5. Suggest a scheme for developing an estimating database for future projects 6. Understand the

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