Why is it difficult to estimate mega project (i.e., costs and benefits (i.e. airports, stadiums, etc.) costs and benefits?

Why is it difficult to estimate mega project (i.e., costs and benefits (i.e. airports, stadiums, etc.) costs and benefits?

Part 1

Reflect on the Chapter 5 Estimating Project Times and Costs

Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

Also, provide a graduate-level response to each of the following questions:

1. Why is it difficult to estimate mega project (i.e., costs and benefits (i.e. airports, stadiums, etc.) costs and benefits?.
2. Define what a “white elephant” is in project management? Provide a real life example.

Part 1 should be at least 500+ words and in APA format (including Times New Roman with font size 12 and double spaced).

Your post must be substantive and demonstrate insight gained from the course material(Text Book), so make sure to use textbook.

Part 2

Read the Case ” Post Graduation Adventure ” at the end of Chapter 5 and respond to the following questions:

Josh and Mike met each other as roommates during freshmen year at MacAlister College in St. Paul, Minnesota. Despite a rocky start they became best friends. They are planning on going on a two-week adventure together to celebrate their graduation in June. Josh has never been to Europe and wants to visit France or Spain. Mike spent a semester abroad in Aarhus, Denmark, and traveled extensively in northern Europe.

Even though he never went to France or Spain, Mike wants to go to some place more exotic like South Africa or Vietnam. For the past week they have been arguing back and forth over where they should go. Josh argues that it will cost too much to fly to South Africa or Vietnam, while Mike counters that it will be much cheaper to travel in Vietnam or South Africa once they are there. Each of them agreed that they can spend no more than $3,500 each on the trip and could be gone for only two weeks.

(Rest of case not shown due to length.)

1. Assume you are either Mike or Josh, how would you go about making a decision using project management methodology?
2. Looking first at only cost, what decision would you make?
3. After cost, what other factors should be considered before making a decision?

Textbook zip file is attached

Note: Make sure to cite the references in the content as well as the reference section, text book needs to be referred for both parts.

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