Essays on Estimating

“If it has ‘science’ in its name, it ain’t (Minnick).” Those words were said to this writer by the smartest person he ever knew personally, a man with PhDs in Mathematics and Physics, a true scientist. He went on to explain that science, if it is science, can be reduced to mathematics and then can predict. “Science can generate electricity or flatten cities,” he said. The problem, of course, is that whenever one deals with the “soft sciences,” political science or economics (the dismal science) or sociology or history or any of the disciplines that are housed in ...

Final Grade: 72/100

This paper is being submitted on January 18, 2017 for Tramaine Ingram’s STA3215 Inferential Statistics and Analytics course. At the request of the company’s client, we have performed research pertaining to the salary distributions of jobs in the state of Minnesota. The sampling was haphazard (non-statistical. The client is only interested in the jobs that pay salaries of between $40,000 and $120,000. Any job that that falls within this range was included in the analysis. The data set was obtained from the Bureau of Labor Statistics, and consists of a total of 64 records. In ...

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 ...

Importance of Confidence intervals

The confidence interval is a set or range of values that a population parameter is likely to fall within (Graham, 2008). It is calculated using the sample statistics and a given confidence level. For instance, a confidence interval of the mean calculated using the sample statistics, gives the lowest and highest possible value of the population mean. The population mean is expected to be within the confidence interval. A point estimate is a single value that approximates a population parameter (Graham, 2008). For instance, a sample mean is point estimate of the population mean, while a sample proportion is ...

The article, The street level information economics: Estimating the yield of begging in Brussels discusses the income of beggars and other people with low levels of income in the developed countries, particularly in Brussels. Notably, the research conducted in this case used a survey design (Adriaenssens & Hendrickx, 2011). Further, the study used a quasi-experimental version of participant observation so that the data collected would be credible. In essence, I think that the research can be trusted. The kind of method used to gather data was reliable as the researcher participated in some of the activities of this population and ...

Letter of memo transmittal

Re: Planning proposal Here is my planning proposal for cost estimation in Tatweer Buildings Company. It contains a budget which I request that you help me to fund. If you have any questions on it, I’ll be ready to respond.

List of illustrations

Page 5: images for the Tatweer buildings Company Page 9: table of schedule for the proposal Page 11: table containing the proposal’s budget estimates Abstract In this planning proposal, the variables that identify with the cost estimations in the Tatweer Buildings Company are initially considered. After which, the possible issues that results from these cost estimations, how ...

Problem 1. Yowie

Part 1 The first stage was actually taking all the required physical measurements of all the group participants. They can be found in Tab.1: The only ratio we were familiar with was the one proposed by the assignment (height : arm span = 1 : 1), so we checked it. Based on our measurements we were able to make a conclusion that this ratio is actual but not precise. In our data, the ratios were: Courtney 167 : 160 = 1.04 : 1, Angela 169 : 170 = 1 : 1.01, Steev 176 : 180 = 1 : 1.02, Danielle 155 : 150 = ...

MANAGEMENT ACCOUNTING

Introduction Management and financial accounting provide platforms for an organization management to provide informed decision and policies. Organization management uses the budget as the accounting tool in formulation of policies and allocation of resources in different activities. Accounting encompasses the entire body of knowledge that deals with recording and keeping of all financial transactions. It entails identification, recording, classification, verification, and communication of financial information relating to the resources of the organization. On the other hand, financial accounting is a subset of accounting and is concerned with the use of financial data to measure economic performance of the organization. ...

This project aims at integrating modern engineering concepts and principles in the design of AERO-2016-WPAP-1111. The underlying concepts for this design involve the advancement of the traditional design processes to modern architecture to enhance the performance of the aircraft. The three most important operational precepts of this design include lightweight structures, incorporation of advanced engineering practices, and escalated aerodynamic performance of the plane. Therefore, the realization of the capability of this plane is inherent to its varying take-off weights. Principally, this essay explains various approaches that are applied in the design and operation of the AERO-2016-WPAP-111 aircraft, and how ...

1.0 Chapter 1 Introduction 1.1 Background and Rationale of the Research The industry of construction is not only a key player in the national economic growth; but also a crucial sector affecting the economic and social welfare of citizenry, particularly in its primary function in providing reliable and decent shelter. It is viewed as one of the most essential sector to highly contribute to the growth of an entire economy at the provincial, national and international levels (Artto & Kujala, 2008). In the recent years, cost modelling and estimation for construction projects have attracted major attention of several research scholars. ...

A project is a activity to create products or services. Every project has a beginning and end and has a time deadline for completion. Project management required to satisfy the needs of the project. Project Management Body of Knowledge (PMBOK ) published by project management institute,is the collection of standards to achieve success in project. By referring to this document, managers are benefited in the sense that they use or try to use all the available resources at their disposal to the extent possible in completing the project successfully. According to PMBOK , management of a project is achieved through ...

Efficacy of HPV Immunization Amongst Adolescent Girls Within UK

Introduction: Human papilloma virus is the most common sexual transmitted virus in the U.K. More than 4 types of HPV variants, is found to infect both men and women. Genital areas, mouth and throat are commonly affected by the virus. The virus can be transmitted by intercourse between same sex and straight sex partners. Very rarely, the disease is transmitted from the pregnant mother to the baby. The virus has the potential to cause cancer and presently there is no cure for HPV infection. Among HPV types: HPV16 and 18 are highly oncogenic. FDA approved HPV vaccines are available ...

Where everybody is trying to find out the Metabical’s Current weight loss option as well their demand forecast. I found a few case studies regarding Metabical’s weight loss option. While the other discussing these issues in different cases or journals I could not find many lessons details about the other cases, Metabical’s. My aim, in this case, is to provide a clear idea about the Metabical’s cases of Weight option, forecasting demand and the pros and cons. Current weight reduction medications can be delegated Prescriptive Drugs or Over-the-counter (OTC) cures. OTC Drugs were not as ...

Integrated Cost and Schedule Risk Analysis

Introduction Over the years, the process of analyzing projects cost did not take into accounts an explicit reference or any reference to the project schedules and its risk. As organizations witnessed numerous risks in their projects implementation, a great emphasis on risk awareness and analysis was made. As a result, project managers created an integrated cost-schedule risk analysis to create the need of viewing the risk analysis as a crucial input when making key projects decisions (Hulett & Campbell, 2002). In this paper, we explain important concepts on schedule risk and overall cost. The paper explains the importance of integration ...

Vodafone

Introduction This report seeks to assess the expected returns for Vodafone using the CAPM model. The CAPM model is based on three inputs: risk-free return, market return and company beta. Therefore, the report will estimate these three parameters and use them to find the expected return of Vodafone. Finally, it will provide a critique of the CAPM estimation technique.

The risk-free rate of return is often taken as the return of short term government securities. The 3-month treasury bill for UK is 0.48 . Therefore, we assume that the risk free rate.

Market Return

Expected market return are the average rate of ...

About the report

The report is based on our assistance given to Wheel Industries where we have analyzed the long term investment opportunities available with the company using the techniques of capital budgeting. To facilitate better understanding for our readers, we have included all the calculations within this report while every calculation is explained comprehensively.

Project Details

Wheel Industries is considering a three-year expansion project, Project A. The project requires an initial investment of $1.5 million. The project will use the straight-line depreciation method. The project has no salvage value. It is estimated that the project will generate additional revenues of $1.2 million per ...

Introduction

Receiving education is a costly choice. There are costs to education in terms of direct monetary payments and an opportunity costs. The choice to go to school means forgoing waged employment. Therefore, there is an opportunity costs of the wages that would have been earned. Therefore, there is a need to compare the returns versus the cost of education to make optimal decisions. Estimating the returns to education for any population segment is useful in making decisions on the optimal schooling level at both a personal as well as societal level. From a policy standpoint, estimating returns to education ...

Introduction

Sharp Park, which is named after George Sharp, has a long, rich history. Mr. Sharp owned a more than 400-acre estate that he established with a vision for the San Francisco residents to enjoy recreation in a natural setting. When he died together with his wife, the property was left to the San Francisco City Council under strict instructions that it would only be used for recreational purposes. Sharp Park is in California off Highway 1 along the Pacific Ocean, San Francisco. It has existed since 1917; the golf course was established in 1930s. In 1941-internment camp was established ...

Question 1: Essential features of project financing

In project financing, parties agree to complete a project and to provide the financial resources required to complete the project. It also embodies an agreement between the parties that when the project is completed and starts operations, it will generate sufficient cash to cover its operating and debt service requirements. Besides, it involves assurance that if the project is disrupted, additional funds to restore it will be provided through insurance among other ways. In conventional financing, lenders consider the whole asset portfolio of the borrower to generate cash flows to repay their loans. On the contrary, lenders in project ...

Divorce cannot but influence children on the part of their psychological and thus physical state. It has harmful effects on young children, as well as on adolescents. These effects the person feels the whole life. However, there are short-time and long-time effects of parental divorce. This paper is a literature review, which observes some articles concerning the divorce effects on children.

Becoming Stronger at Broken Places

The article Becoming Stronger at Broken Places: A Model for Group Work with Young Adults from Divorced Families written by Sally M. Hage and Mia Nosanow particularly deals with long-term effects that divorce have on children. These effects ...

A man calls the police and reports that his wife passed away while he was out for three hours running errands. His wife has been terminally ill and under hospice care. The police arrive to find the wife sitting in a recycling chair in front of the television. As they conduct their investigation in the home, the police discover several things that do not match the husband’s description of what happened. First of all, they determine that the wife could not have passed away while he was out running errands. There are three indicators that this statement is ...

Abstract

In this case, we illustrate the application of multiple regression in economics. We gather data on the unemployment rate (dependent variable) and three independent variables; GDP per capita, maximum weekly unemployment benefit and population estimate for 2015. The data is collected from 39 different states. Regression analysis results show that there is a positive association between the unemployment rate and GDP per capita and population estimate. The relationship between unemployment rate and maximum weekly benefits is inverse. The evaluation of the reliability of the first-order model shows that it has a small coefficient of determination. The first-order model is ...

Introduction

Report’s aim Comprehensive analysis of a company is crucial for decision making regarding its inclusion in a portfolio. That requires forecasting a company’s performance to estimate the expected value of the stock and comparing it with the current market price so as to decide whether it is overvalued or undervalued. In that view, this analysis seeks to analyze the IMB Company with application of the Discounted Cash Flows method as well as WACC. With the values calculated, the value per share is compared with the current market price to make recommendations whether the stock is a buy, ...

Inflation in USA

Inflation in US Introduction Inflation refers to the rate at which the country is experiencing the general increase in prices of goods and services. When the rate of inflation is high, the purchasing power of the country’s currency will be low at the same time. This will comparably imply that higher amount of money is needed to purchase items that had been previously purchased at lower amounts of the same currency. The country’s currency would have lost the real value as a unit of account and as a medium of exchange of the economy. The chief measure ...

I would meet up with the top management and inform them of the problems that the project was facing. I would explain to them that the cost they had estimated was off by $1,250,000. It is important for the top management to know because they had made wrong estimates before taking time to investigate whether the product could be produced at a cost less than $200. The excitement of availing a color laser printer to the market overshadowed the reality of the costs that would be incurred. The brainstorming meeting held with significant stakeholders yielded numerous suggestions. ...

Introduction

Sharp Park and Golf Course is located on the sea front in San-Francisco. The park has a beach front view with holes 3 and 4 located right at the beach and a coastal trail passing adjacent to these two holes. The golf course in Pacifica is under the ownership of the government of San-Francisco. This prime piece of property generates a modest amount of revenue for the state. There has been a recent debate on whether the golf course should remain in operation with rising sea levels and erosion of the beachfront property threatens to engulf the whole course. ...

Credit Risk Management Analysis

Credit risk emanates from the peril of loss of principal or shortfall of a financial reward stemming from a borrower default to repay a loan obligation. The failures to honor a contractual agreement of a loan results of a wholesale credit risk. When a borrower envisages to use future cash flow to pay a current debt credit risk will eventually arise. Then the savers will assume credit risk by way of interest payment from the borrower or issuer of the debt obligation. The wholesale credit risk, therefore, emanates from the defaulters of debt obligation that have been acquired from ...

Abstract

Rising rates of recidivism in the United States have developed concerns pertaining to the effectiveness of prisons as correctional facilities. In this study, the focus is to assess the suitability of faith-based correctional methods in promoting inmates reentry into the society. Some discussed methods include Inner change programs, prison chaplaincy, and meditational strategies. Several studies have indicated significant declines in recidivism rates among inmates who participated in these initiates. For example, Duwe & Johnson (2013) found that inmates who engaged in Inner change programs in Minnesota were less likely to be arrested by at least 8% compared to their counterparts ...

There are a few ways Blades can advantage from using forecasting methods in looking to expand their operations as Blades is an international roller blades manufacturer. Advantages that include a increase in the rate of return of investment in using the correct forecasting money creates baht-designated money inflows and afterward changes over them to U.S. dollars. Anticipating the conversion scale might permit Blades to settle on a forecasting opportunity that is apparently the most advantageous. Moreover, it is said that Blades might set up an auxiliary in Thailand. If this somehow happened to happen, benefits earned by this auxiliary ...

Introduction

According to the scientists, the earth is estimated to be about 4.55 billion years in age. This estimation is based on different assumptions and evidence carried out from specific parts of the earth. The scientists used three methods to come up with the actual age of the Earth. This paper will highlight how scientists established the actual age of the earth and all the assumptions that were made.

Methods Used to Estimate the Actual Age of the Earth

Radiometric Dating Method The scientists also used the knowledge of half-life and the decaying element concentration to estimate the age of the sampled rocks, which translate to the age of the ...

Abstract

Education is a critical sector in most countries regardless of whether developed or developing. Efforts to ensure quality and meaningful education for the citizens consumes significant government and state resources in supporting education and related researches that seek to improve education. A lot of research has been done, both in the past and ongoing, to find out ways of ensuring better education, and other aspects of teachings that can facilitate efficacy in cost and value creation to learners across all levels of education. The research cuts long, diverse areas of the education, each having its approaches and objectives. The ...

Abstract

This dissertation formulates a research dissertation and strategy for a study into the impact of Islamic banking on the economic development of societies within which such banks operates. To this end, the research examines the major tools and impacts of Islamic banks on society by conducting a literature review. This is followed by the deduction of research questions and a hypothesis that will be used to form the parameters of the entire research. The purpose of this dissertation is to investigate the relationship between the growth of Islamic banking worldwide and economic development of countries wherein this growth is ...

Job overview and recruitment

In the Power Electronics Company, we are currently in need of two management analysts, who will be directly responsible for conducting studies and evaluations, designing systems and procedures, performing work simplifications and measurement studies, and preparing the operations and procedures manuals to boost efficiency and effectiveness in the organization. The position is suitable for candidates with both education and experience in improving an institution’s efficiency and increasing profits. Moreover, the qualified job applicants should demonstrate how they have assisted their firms in the past to cut costs and enhance their profits effectively. Part of the roles of the ...