At some point, project managers are asked for estimates on cost and time to completion. In order to provide reasonable estimates, information on the project is used in conjunction with estimating tools. The length of time it will take to complete a project might use parametric estimating. Mathematical formulas employ quantitatively based durations to determine the quantity of work to be completed. The tool also uses statistical modeling to produce cost estimates with historical data for various parameters (Phillips, 2014, p. 226). Analogous estimating also uses historical data from similar projects to provide cost estimates (p. 225). Adjustments are ...
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Introduction – Case Background
The Regency Plaza is a hotel complex that comprised of 300 rooms and approximately 96 luxury condominiums. The project building was the combined structure of steel and concrete, which made the structure solid and reliable for mass capacity. The regulatory of the project, the Regency Hotel Group owns and regulates 24 luxury hotels that are situated in the prominent urban cities globally. They regulatory charges $550 each night for rooms and the Regency Plaza is the first condominium project of the entity. Discussing the role of Kris Hodgkins, the regulatory hired her services that were accountable for designing, construction, ...
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