Free Paper Example on Covid-19 Pandemic

Introduction

Estimation is the process of forecasting the value, quantity, number, or the extent of something by making assumptions (Mukwasi & Seymour, 2014). It is through top-down, or bottom-tom estimate approaches. Top-down estimates are derived from experience and information or made by managers with little knowledge of the project. This bottom-up approach estimates the elements of the work breakdown structure. The Covid-19 pandemics caught the world by surprise, setting estimates the only way to contain it. Time and cost estimations are crucial in work schedules, support the right decisions, develop cash flow needs, and determine the projects progressing. People, planning horizon, and padding estimates affect the quality of estimate in Covid-19 pandemics.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

People

People factor can introduce errors in time and cost estimation. Estimate accuracy depends on the skills of the people making the decisions. Covid-19 estimates took a different course in people's consideration since people’s behavior was a factor that determined the spread of the virus. The interaction was considered the main mode of virus spread through body fluids. With 80% of infections considered asymptomatic and 15%, severe interaction poses a great danger with social places requiring efficient ventilation (Cole, Ozgen & Strobl, 2020). Poor air quality with a one μ/m3 increase in fine particulate matter concentrations was associated with a 9.4 covid 19 cases with 2.3 deaths and 3.0 hospital admissions (Cole, Ozgen & Strobl, 2020).

Planning Horizon

The planning horizon is when the organization looks into the future in strategic planning (Shojaei & Flood, 2017). Unlike the company planning the Covid-19 crisis growing at a high rate requires quick action. Vaccine and medicine inventions are the solutions to the virus containment. Many fatalities are reported in people suffering from diseases like diabetes and aged above 60 years. With no mutations worldwide, it called for time with doctors treating the symptoms separately as they worked in a cure by simply administering pain killers and oxygen.

Conclusion

Padding estimate is the extra time added to the estimated time to cover any uncertainties in the project hence reducing the risk of being late (Pinto, 2013). Having not faced a pandemic like Covid-19 makes the time decision a hard one to go by. With limited information on Covid-19 since the pandemics, the world has faced before have been mutating with climate changes worldwide, unlike Covid-19. This meant that the padding time must be included long enough to give that study a thorough investigation.

References

Cole, M., Ozgen, C., & Strobl, E. (2020). Air pollution exposure and COVID-19.

Mukwasi, C. M., & Seymour, L. F. (2014). The growing trend of small to medium-sized enterprises adopting enterprise resource planning systems: an analysis of business cases in Zimbabwe and South Africa. Journal of Emerging Trends in Economics and Management Sciences, 5(7), 138-145.

Pinto, J. K. (2013). Lies, damned lies, and project plans: Recurring human errors that can ruin the project planning process. Business Horizons, 56(5), 643-653.

Shojaei, A., & Flood, I. (2017). Extending the Portfolio and Strategic Planning Horizon by Stochastic Forecasting of Unknown Future Projects. In The Seventh International Conference on Advanced Communications and Computation, INFOCOMP (Vol. 2017, pp. 64-69).