a.

Vendor Bid Analysis

Vendor bids analysis is a method in which the cost estimation of a project is done by
comparing bids from different vendors. Not just the cost but also the timing
estimation is done by comparing bids of different vendors.
b. Reserve Analysis
Reserve analysis considered the level of risk and uncertainty in the project and it
establishes the pool of time, resources or performance which can be drawn upon to
offset any issues which arises that were not estimated for.
c. Bottom-Up Analysis
It is a method of calculating the time and cost by combining the sub-estimations of
the individual workers to get a total estimate. This technique is used when it is
difficult to get a full project estimate.

1. Describe what the critical path of a project is, and explain the steps used to
identify it using the Critical Path Method.

Critical path of the project, also known as the critical Path Method (CPM) is a
mathematical algorithm to schedule the activities of the project. This method is used by
the identification of the longest stretch of the dependent activities and also by defining
the required time for the completion of the project activities.

The mandatory technique for using CPM is by constructing the project model which
includes

 The required activities for the completion of the project which are also known as
work breakdown structure.