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kodGreya [7K]
3 years ago
12

ou are tasked with estimating the costs of a project. Select a project you are familiar with and give a concise summary of that

project (no more than a paragraph). Then explain how you went about estimating the costs for each part of the project. Explain specifically what methods you used and why you used those methods. Then explain if your estimates were correct or off. Explain why you think the results ended up the way they did.
Business
1 answer:
klemol [59]3 years ago
8 0

Answer:

Cost Estimation is the usage of venture quotes of a restricted degree. This is a significant component of undertaking cost the executives as a feature of the information that incorporates arranging, observing and overseeing venture money costs. A surmised cost of an undertaking, called a quote, is utilized to approve a venture's financial plan and deal with its expenses.  

Proficient appraisers utilize characterized procedures to produce quotes that are utilized to assess the money related practicality of a task, to decide subsidizing for venture costs, and to follow venture costs. Quotes are significant in concluding whether to attempt an undertaking, to decide the venture's potential degree, and to guarantee that the task remains monetarily practical and maintains a strategic distance from over-use.  

Quotes are typically reconsidered and refreshed as undertaking extension becomes clearer and when task dangers are acknowledged - as the Project Management Committee notes, cost estimation is a procedure. The equivalent. Quotes can likewise be utilized to structure the premise of an undertaking as a state of examination for surveying the real viability of a task.  

<u>Key parts of cost estimation  </u>

Cost Estimation is the total of the expenses related with effectively finishing a venture through and through. The expenses of these activities can be partitioned in a few different ways and levels of detail, however the least complex grouping isolates costs into two fundamental classes: direct expenses and backhanded expenses.  

Direct expenses are grouped into classifications that are legitimately identified with a territory. In venture the board, direct expenses are the costs that are charged for a specific undertaking. These can incorporate task group pay rates, asset costs for the creation of physical items, fuel for gear, and spending plans for tending to explicit venture dangers.  

Then again, circuitous expenses can't be connected to explicit cost places, and rather are made by a few undertakings at the same time, some of the time in various sums. In venture the board, quality control, well-being expenses and utilities are commonly delegated circuitous expenses since they are dispersed over various undertakings and can't be paid legitimately to a task.

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Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 2,900 liters in beginnin
zimovet [89]

Answer: 61,390 liters

Explanation:

If materials were added at the beginning, they will be 100% accounted for at the end of the process.

Equivalent Units = Units started and completed + Ending inventory

= Units completed - Beginning WIP + Ending inventory

= 59,110 - 2,900 + 5,180

= 61,390 liters

6 0
2 years ago
Assume you are the accountant for Austin Industries. Ellis Austin, the owner of the company, is in a hurry to receive the financ
lorasvet [3.4K]

Answer:

Once you make the proper adjustments, the income statement should no longer show a $95,560 profit, instead it should show $55,080

Explanation:

1. Rent of $42,000 was paid on July 1, 2019, for 12 months.

December 31, 2019, adjusting entry on prepaid rent

Dr Rent expense 21,000

    Cr Prepaid rent 21,000

So rent expense must increase by $21,000

2. Purchases of supplies during the year totaled $18,000. An inventory of supplies taken at year-end showed supplies on hand of $2,720.

December 31, 2019, adjusting entry on supplies inventory

Dr Supplies expense 15,280

    Cr Supplies 15,280

So supplies expense must increase by $15,280

3. The building was purchased three years ago and has an estimated life of 30 years (total accumulated depreciation for 3 years = $21,000)

December 31, 2019, adjusting entry on building depreciation

Dr Depreciation expense 4,200

    Cr Accumulated depreciation - building 4,200

So depreciation expense must increase by $4,200

Adjusted income statement should be:

budgeted profit $95,560

- rent expense ($21,000)

- supplies expense ($15,280)

- depreciation expense ($4,200)

net income after adjustments = $55,080

8 0
3 years ago
Question is in the image below! please help!
iogann1982 [59]

Based on the discount offered by Next furniture, the discounted price of a sofa would be $669.33

<h3>What is the discounted price of the sofa?</h3>

This can be found as:

= Original price x (1 - discount rate)

Solving gives:

= 999 x (1 - 33%)

= 999 x 0.67

= $669.33

Find out more on discount rates at brainly.com/question/1385340.

#SPJ1

6 0
1 year ago
The Fed has decided to expand the money supply, leading to lower interest rates. As a partner in a tech start-up, you react to t
Alona [7]

Answer:

A, B and D

Explanation:

Expanding the money supply is an exercise of expansionary monetary policy.

This decision will first allow our tech startup to acquire cheaper loans and expand our operations, this expansion in operations will result in new employment opportunities and hence as a result, unemployment will be reduced assuming this is a general trend in the economy.

This decision also directly reflects an increased investment and hence the GDP on the whole and the investment part of GDP would both increase,

GDP = C + I + G + (X - M), where I = investment.

This change in macro economy will increase aggregate demand due to expansionary effects. Increase in imports is not conclusive as it may or may not happen depending upon the demand state.

Hope this helps.

8 0
3 years ago
the price of summer cabins. as summer​ approaches, the equilibrium price of rental cabins increases and the equilibrium quantity
Roman55 [17]

the price of summer cabins. as summer​ approaches, the equilibrium price of rental cabins increases, and the equilibrium quantity of cabins rented increases increase in demand.

When the price falls below the equilibrium price, the quantity demanded exceeds the quantity supplied, creating an excess demand (short supply) for the product. In other words, consumers want to buy more than producers are willing to sell. This mismatch between supply and demand drives up prices.

Price movements cause equilibrium movement along the supply curve. Such a movement is called a change in supply. Like changes in demand, changes in supply do not shift the supply curve. By definition, it is moved along the supply curve.

Learn more about equilibrium at

brainly.com/question/517289

#SPJ4

4 0
1 year ago
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