All transportation methods have the risks and benefits associated when booking a charter flight. It is very essential to weigh the cost savings if any exists and if they outweigh the potential drawback of the charter flights. The benefits of such a project by Felicia will tend to have fewer prices than commercial flights, but it is advisable for customers to compare the two charter charges. The fares of such charter are flexible as they lack stringent restrictions when compared to commercial flights. The prices of such flights are apparent because they are not subject to the typical legacy in distinctions of the airline fare-class. Lastly, the flights are known to be direct. Such a project has its own disadvantages. Firstly, the planes are usually crowded because they are mostly booked to capacity. Secondly, there are risks of flight cancellation if there are insufficient bookings. Lastly, there is a probability of flight delays before the departure for about 48 hours without a refund due to lack of proper refund policies.
Jacqueline should contact experts from commercial flights who have experienced for many years. She should seek information on costs regarding maintenances, air tickets, and refund policies. It is also essential to research on flight apps information.
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Analogous cost analysis involves cost estimation based on historical data. The analogy should be based on similar design, and new system operations through the use of factors representing size, performance, and technology. She should add new features to the new application for the flight for estimating new components, entire programs, or subsystems. This analogy applies actual costs from a program which is similar with adjustments to differential accounts between the requirements and of the existing and new systems.
It will be worth for her to do three-point estimation because it is the best techniques when developing estimates for such a project because it allows members to provide pessimistic, optimistic and best guess. The benefits of such a project include increased accuracy overestimation of one-point. It also allows members of the project to estimates risks in the project with a lot of commitment. Finally, it allows one to get useful information on the risks. The steps involved are. Firstly, she has liaise with the members of the team allocated the tasks and identify the risks and benefits associated with the project. The risks are likely to delay the app project. Secondly, it gives team members the privilege of making their three estimates. The first is the Most Likely (tM), which is the amount of work on average that the project requires if the team members repeated it many times. The pessimistic (tP) estimates are the amount of work that the project is likely to encounter if the factors negative to the business identified occurs. The optimistic (tO) estimate is the work amount the project might take if the real risk identified occurs.
The calculations of such a project apply the following formula;
tE= (tO + tM+ tP) /3 where tE is the expected duration.
For example, let us assume that tO = 4hrs, tM = 8hrs and tP = 16hrs then tE = (4 + 8 + 16)/3
E = 28/3 = 9.33 hrs
Bottom-up estimation involves the cost and schedule judgments of the whole project by using both costs and time required by deliverables which are discrete as specified in the structure of the work break down. This breaks the project into tasks which are tractable thus this method works by calculating the resources required by each task and the sums up the overall project estimation . Parametric estimates are one of the most accurate methods of determining the duration of a project, and it is usually straightforward to implement.
In conclusion, the Jet on Demand Company should, therefore, use the parametric estimate to analyze the duration of this project instead of bottom-up which seems to be an expensive one and time-consuming. Jessica should use the three point estimate because she might lack sufficient information on historical or judgmental data as this will help her to get an expected duration of the project and clarifications of the uncertainties.
References
(20170906). A Guide to the Project Mngement Body of Knowledge (PMBOK® Guide)–Sixth Edition, 1st Edition. [VitalSource]. Retrieved from https://bookshelf.vitalsource.com/#/books/9781628253900/
