Project Time and Cost ExercisesComplete Exercises 1-3 in Ch. 5 of Project Management.Submit your answers in a Microsoft® Word document. 1. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans for the house show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing himself. Mrs. Tolstoy feels she can take care of the interior decorating. The following average cost information is available from a local bank that makes loans to local contractors and disperses progress payments to contractors when specific tasks are verified as complete. 24% Excavation and framing complete 8% Roof and fireplace complete 3% Wiring roughed in 6% Plumbing roughed in 5% Siding on 17% Windows, insulation, walks, plaster, and garage complete 9% Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished A. What is the estimated cost for the Tolstoy’s house if they use contractors to complete all of the house? B. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves. 2. Below is a project WBS with cost apportioned by percents. If the total project cost is estimated to be $600,000, what are the estimated costs for the following deliverables?A. Design?B. Programming?C. In-house testing? What weaknesses are inherent in this estimating approach? Exercise 3 Firewall Project XT. Using the “complexity weighting” scheme shown in Table 5.2 and the function point complexity weighted table shown below, estimate the total function point count. Assume historical data suggest five function points equal one person a month and six people can work on the project. Complexity Weight Table Number of inputs 10 Rated complexity lowNumber of outputs 20 Rated complexity averageNumber of inquires 10 Rated complexity averageNumber of files 30 Rated complexity highNumber of interfaces 50 Rated complexity high A. What is the estimated project duration? B. If 20 people are available for the project, what is the estimated project duration? C. If the project must be completed in six months, how many people will be needed for the project?
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