estimating project times and costs, business and finance homework help

Question: Read the case “Post-Graduation Adventure” on page 154 in the course book. Answer the following questions applying the concepts you have learned thus far in the course:

• Assume you are either Mike or Josh, how would you go about making a decision using project management methodology?
• Looking first at only cost, what decision would you make?
• After cost, what other factors should be considered before making a decision?
• Use search engines such as Expedia, Kayak, etc. to come up with cost and figures accordingly in an effort to make an informed decision on which location to visit.

BELOW IS THE CASE FROM THE BOOK

“Post Graduation Adventure”

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.

One evening when they were arguing with each other over beers with friends, Sara said, “Why don’t you use what you learned in your project management class to decide what to do?” Josh and Mike looked at each other and agreed that made perfect sense.

Reference: Larson, E. W., & Clifford, G. F. (2014). Chapter Five/Estimating Project Times and Costs. In Project Management: The Managerial Process (6th ed., pp. 123-154). McGraw-Hill.