Write A Response In No More Than 150 Words To The Following Discussion.

Write a response for the following articles in different word file and it should not exceed more than 150 words.   Article 1:                                                               The Estimating Problem                           Subscribe     1Q)How many different estimating techniques were discussed in the case? ans)there are multiple estimation techniques that are used by different projects in different organizations. They are 1.Source line of Code(SLOC): it is used to measure the size of a software program by counting the number of lines in the text of the programs source code we need to divide the problem into modules and each module into sub modules, and so on until the sizes of the different leaf-level modules can be approximately  predicted.two major types of SLOC measures. 1.Physical SLOC: it is a count of lines in the text of the programs source code including commentlines 2.Logical SLOC: attempts to measure the number of executable statements eg:KLOC.i.e. 1000 lines of code 2.Function Point(FP): Function count  measure functionally from user point of view. The base of the function count is what the user requests  and what user  receives in return from the system. Quantitative (Objective): measure and industry data is available as basis of comparison. 5 key components 1.External input 2. External output 3.External inquiries 4.Internal logical files 5.External interface files 3.Use Case Point: An estimation method that provides the ability to estimate an applications size and effort from its use cases.  UCP analyzes the use case actors, scenarios and various technical and environmental factors and abstracts them into an eqation.  UCP = TCP*ECF*UUCP*PF eg: UCP = 1.07*0.62*264*20 = 3503 hours Technical complexity factor(TCF) Environment Complexity factor(ECF) Unadjusted use case points (UUCP) Productivity Factor(PF) 4.Story Point:A story point is a relative measure of complexity instead of effort  of a user story in agile estimation and planning. if the second story is twice as complex as previous one we give it a value of twice points. Planning poker(Scrum):cards of 0,1/2, 1,2,3,5,8,13,20,50 used by the team for discussing the size.  the planning Game(xp): each story(written on index cards)  is given an estimate of 1,2 or 3 weeks. This process is repeated continuously throughout the project.    2Q)If each estimate is different, how does a project manager decide that one estimate is better than another? Ans) as a project manager have recognized three different things which are important to remember when  estimating activity  time first off people aren’t really that great at estimating activity task duration second off people tend to fill  the available time with the effort required to do a task much like a goldfish swells to its bowl people tend to fill in that available time they have to complete a task that’s called Parkinson’s Law lastly to have a  reasonable chance at achieving a project deadline project managers should definitely plan in slack in their  project schedule . let’s get to the task at hand which is estimating the effort for a particular task   to do is get my project team together in a workshop and list out all the different activities that we have to  achieve and get them to tell  as a group what the optimistic and then pessimistic estimates are for achieving  that particular task when we’re going through and listing the optimistic items  take note of all the things and   all the dependencies that are required to actually achieve that optimistic estimate when are going  through and doing the pessimistic estimate for that particular activity then get them to tell  what are the  things that can go wrong and  list those items on the risk register and make sure that have mitigation strategies for all those items once we have the optimistic and pessimistic effort estimates  then go back through the project team and ask them what is their best guess of the most likely time it takes to complete that task as an  example for activity a have got an optimistic time of four days let’s say a pessimistic time of 17 days and then   ask them what the most likely is and they’ll tell me something like 11 F is 6 and G is 12 once  get the most likely time then  can calculate the expected time for that particular task and  use something called the beta statistical distribution to help me with that. 3Q)If you were the project manager, which estimate would you use? Ans)estimate a project and there is so much more to estimating a project than just the cost talk about three components to get the estimate . the first one is the scope when we talk about the scope we’re talking about what is this project what are we producing how many are we producing this is defined in our project scope statement which is the description of the scope and it also outlines again what’s in the project and what’s out of the project it also includes assumptions and constraints that may or may not impact the scope the scope also has the work breakdown structure which breaks down all of the work of the project in the more detail the more detail we can get the work required then the better estimate that we can build so the work breakdown structure is also used to determine the time it’s going to take to do the project so we talk about time we’re talking about when are we going to get this done how long is it going to take and who do we need to get this done so when we get the work breakdown structure in the scope it helps us to create an activity list so the activity is breaking down all the activities required in the project and that is used to help build a network diagram so with the network diagram and the dependencies what has to be done.first then we help build our schedule for the project so with the scope and the time and now we have the cost so the cost includes many different things including the resources when we talk about resources it could be people resources how many people we need what skill level what is their rate level it also includes equipment do we need any equipment and what kind is it where does it come from where does it ship which could impact the cost it also includes general cost of the project could include administrative cost or any kind of fees or penalties or bonuses it could include commissions it could also include things like licenses maybe any kind of rent it could also include supplies we may need so you can see the long list of cost we take and that becomes now our estimate so once we take the estimate and we run that through our change Control Board our stakeholders who approve it that now becomes our budget that we use to track the project along the way in any kind of variances an accurate estimate helps everyone it helps the stakeholders have a confidence in their project it helps the vendor partners be able to manage their own teams it helps your team to know what their to do when they’re to do it and it helps you as the project manager for everyone to be on the same page.  References: https://www.teamgantt.com/guide-to-project-management/how-to-estimate-projects https://pmstudycircle.com/2012/06/4-tools-to-estimate-costs-in-the-project-management/ https://www.youtube.com/watch?v=mgxIOuhve_s https://www.projectmanager.com/ https://www.youtube.com/watch?v=rN0FrDpQNUk   Article 2:   1.     Using expected value, is it economically better to make or buy the component? To influence a choice a cost must be: a) Future: Past expenses are superfluous, as we can’t influence them by current choices and they are regular to all options that we may pick. b) Incremental: ” Meaning, consumption which will be brought about or evaded because of settling on a choice. Any costs which would be brought about regardless of whether the choice is made are not said to be incremental to the choice. c) Cash stream: Expenses, for example, devaluation are not money streams and are thusly not significant. Essentially, the book benefit of existing hardware is unessential, yet the transfer esteem is applicable.   Different terms:   d) Common costs: Costs which will be indistinguishable for all choices are immaterial, e.g. lease or rates on a processing plant would be brought about whatever items are created.   e) Sunk costs: Another name for past costs, which are constantly insignificant, e.g. devoted settled resources, improvement costs as of now caused.   f) Committed costs: A future money outpouring that will be acquired in any case, whatever choice is taken now, e.g. contracts as of now gone into which can’t be changed.    Following are expected value calculations for making 10,000 components.    See in below table:   # of Unit   10,000   10,000   10,000   10,000   10,000   Material Cost/Unit   40   40   40   40   40   Damaged Unit Replacement   120   120   120   120   120   Defect   0%   10%   20%   30%   40%   Likelihood of occurrence   10%   20%   30%   25%   15%   One time charge   $100,000   $100,000   $100,000   $100,000   $100,000   Total Material cost   400,000.00   400,000.00   400,000.00   400,000.00   400,000.00                           Flawed units   0.00   1,000.00   2,000.00   3,000.00   4,000.00   cost of Flawed units   0.00       120,000.00   240,000.00   360,000.00   480,000.00   Add up to cost of 10K unit +Replacements fetched for imperfect units   $500,000.00   $620,000.00   $740,000.00       $860,000.00       $980,000.00   Probability of cost   $50,000.00       $124,000.00       $222,000.00       $215,000.00       $147,000.00   Expected Value to make=   $758,000.00                       Since the cost of procurement is settled and ensured to be without imperfection, the cost of obtaining 10,000 segments is = 10,000 x 72 =$720,000.00. In view of the above counts obviously purchasing the segments is practical and will bring about the funds of $38,000.00($758,000.00 – $720,000.00). 2.   Strategically thinking, why might management opt for other than the most economical choice? After the estimation is done, we find that the cost per unit is 69.7-68.7 on the off chance that we deliver 16000-18000, so the deliberately it is ideal to create the parts our own, not exclusively will it be less expensive. In any case, the organization will likewise move to be an assembling organization that can create and extend and produce for different organizations. Deliberately considering, Teloxy administration may choose to with higher cost related with making the segment in-house if they trust that there will be interest for this item in not so distant future and assembling can bring the cost additionally around lessening number of faulty segments as they pick up efficiencies and move in the expectation to absorb information. Furthermore, continuing assembling in-house decreases conditions on outside hot spot for making the completed item which shields Teolxy from segment un-accessibility or future higher buy cost. Second, Teloxy may likewise consider pitching the surplus segment to other firm and could use the framework.     References:   http://www.fao.org/docrep/w4343e/w4343e06.htm   http://www.imf.org/external/pubs/ft/fandd/2015/12/basics.htm