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Pm592 – Week 2 Assignment Problems

692 words - 3 pages

Instructions: Please complete all 3 multi-part problems for this week's assignment.

2-1 Basic Estimating Problem
Your company is installing a new piece of machining equipment and a robotic arm. Your manager asks for the project costs by cost category as well as the total amount. Given the following information, develop a base cost estimate by grouping costs by Equipment / Material (items 1 – 4), Installation / Labor (items 5 and 6), and Overhead (items 7-9).
1. Two pieces of equipment costing $ 15,000 and $ 35,000
2. Material required for electrical hook-up is 400 feet at $ 25 per foot
3. Controls for each piece of equipment are estimated at $ 600 each
4. Required start-up material is 3,700 pounds at $ 2.70 per pound
5. Company labor for installation requires two maintenance specialists for two days at eight hours per day and $ 35 per hour
6. Contract labor is estimated at a fixed price of $ 7,500
7. Engineering is estimated to be 15% of (equipment / ...view middle of the document...

7 * 3700 =9,990
Total =71,190

Installation/Labor
Labor 35*8*2*2 =1120
Contractor Labor 7500 =7,500
Total =8,620

Overheads
Engineering (15% of Total Equipment/Material) 10678.50 =10,678.50
Inspection (3% of Labor) 258.60 =258.60
General and Admin (5% of Material/Equipment + Labor) 3990.50 =3,990.50
Total Overhead =14,927.60

Total for Project =94,737.60


2-2 Three-point Estimate Problem

(a) A project requires the use of structural steel in several tasks over the 12 month period expected to complete the work. Based on recent experience the most likely price for the material is $0.30/lb. There are, however, price fluctuations over time based on suppliers used and structural steel availability. The most optimistic price estimate is $0.24/lb., and the most pessimistic estimate is $0.62/lb.
Use the three-point estimating process to determine the expected price of the material.
Answer -
Pexp=( Popt+4 X Pmost + Ppess) /6
Pexp = (0.24+(4 X 0.30) + 0.62)/6 = $0.34

(b) In addition to price fluctuations, it is also uncertain how much of structural steel will be required for the project. Design uncertainties and waste at the project site will affect the amount of structural steel actually needed. The most likely amount required is 40 tons. However, as little as 37 tons and as much as 49 tons might be required. One ton = 2000 lbs.
Use the three-point estimating process to determine to determine the expected amount of structural steel needed for the project?
Answer –
Pexp=( Popt+4 X Pmost + Ppess) /6
Pexp = (37+(4 X 40)+49)/6 = 41 tons

(c) Using the estimates from 1 & 2, what is the expected cost for structural steel over the life of the project?
Answer –
Expected Cost = Price * Quantity = 0.34 X (41*2000) = 0.34 X 82,000 = $27,880

(d) Using the "Complex" three-point method, what is the expected cost for structural steel over the life of the project?
Answer –
Expected Cost = $27,880
Most Optimistic = 0.24*37*2000 = $17,760
Most pessimistic cost: 0.62 x 49x2000 lbs. = $60,760
Pexp = (17760 + 4*27880 + 60760)/6 = $31,673

Check answers:
Expected price = $0.34 per pound
Expected usage = 41 tons
Expected total cost (simple method) = $28,153 ($27,880 using rounded numbers)
Expected total cost (complex method) = $31,856 ($31,673 using rounded numbers)

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