Government Contracting Company - Assignment Example

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The paper “Government Contracting Company” explains estimation and it’s relevance to the Government contract. It’s very important for every manager to be very keen and have knowledge on various industry technique and the needed tools…
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Government Contracting Company
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Government Contracting Company

This is to explain estimation and it’s relevant to the Government contract. Project and the cost is one of the most reasons for many projects or business. It’s very important for every manager to be very keen and have knowledge on various industry technique and the needed tools in the execution and definition of project cost estimation. Cost estimation can be defined as the iterative process of approximating and developing of the monetary resources which is needed to finish the project activities. Projects mangers therefore, should estimate all cost for all the resources that would be charged to all the project activities. This includes; labor, material, and software.
Methods of costing estimation
There are very many methods that can be used in cost estimation, such method may be relevant depending on the projects. Some methods may favors given projects while others may not be encouraged to be used in particular projects. The best cost estimating method may also depend on the available data or any resources such as the financial resource. The methods are:
(a). High-low method
(b)Linear regression
(c)Scatter graphs
(d)Account analysis
Advantages and disadvantages of cost estimation methods
Account analysis
This is a cost method used in estimating fixed and variable costs
Scatter graph
It’s another method of estimating fixed and variable costs. It gives a visual picture of the total costs at various activity levels.
Scatter graph
Scatter graph is method of estimating fixed and variable costs. It provides a visual picture of the total costs at different activity levels. Its demerit is that hard to visualize the cost equation line through the data points, especially when the data is differs. It also requires multiple data points and requires five
Linear regression:
It’s a statistical method used to calculate both the fixed and variable data. Its advantages are it is very accurate. The disadvantage is that it requires a lot of calculation which may be very tiresome.
High –low method
It uses the highest and lowest activity levels of a data to estimate the portion of a mixed cost that is variable and the portion that is fixed. It disadvantage is that it may be misleading if the activity levels are not representative of the normal activity. For example when there are many outliers. The advantage is that it is very easy and do not require a lot of calculations.
The best cost estimation method for the Government contract
Various costs estimating method requires various resource, Government as a bigger organization is in a position to require enough resources. For example Government may easily require finance and the required data. The Government contract requires a lot of accountability due to the public interest therefore the best and accurate cost estimation method need to be considered. The Government should use very reliable such linear analysis also the Government may use the scatter due to the large number of population. Regression will ensure all the government contract are allocated very accurately.
Work cited:
Dean, Joel. Statistical Cost Estimation. Bloomington: Indiana University Press,2000. Print.
Maurer, David C. Office of the Federal Detention Trustee's (ofdt) Cost Estimation Methods Reflect Features of Best Practices, but Proccesses Could Be Enhanced. Washington, DC: U.S. Govt. Accountability Office, 2010. Internet resource. Read More
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