## Time and cost estimate

Consider a project that you have a sufficient degree of experience with to generate an adequate time
and cost estimate of. Pick something that has approximately 10-15 work packages and is complicated
enough to require more than just human resources.
Conduct two time and cost estimates for your project first using a top-down approach and then using
a bottom-up approach. Compare the differences between your two time and cost estimates and
reconcile the differences by highlighting the extra knowledge that you have included in your bottom-up
estimate.
Question 2
You are planning a project to undertake a production run of 100 light aircraft airframes based on a
new design.
On a previous project to construct 16 airframes for a twin prop jet luxury aircraft it was recorded that
the first air frame took a 6 person team 13 weeks to complete (assuming a 36 hour work week). The
second airframe was later estimated to have taken the same 6 person team approximately 11 weeks
to complete. The team were quite pleased with themselves by the end of the production run so they
timed the last airframe build. They stopped the stopwatch at 244 hours and 18 minutes.
Estimate the total time taken to complete the build of 100 airframes based on the shop foreman’s
opinion that the first airframe will take 4 weeks to complete.
Show all working and state all assumptions made with reasoning.