Final answer:
To estimate time and cost for a reengineering project with experienced project managers, the best techniques are PERT and Critical Path Method, starting with defining the problem and considering criteria and constraints.
Step-by-step explanation:
When faced with the task of taking on a reengineering project in a company, and given the presence of several project managers with reengineering experience, the best techniques to estimate time and cost would be the PERT (Program Evaluation and Review Technique) or Critical Path Method (CPM). These techniques are valuable for dealing with complex projects and can help in setting realistic timelines and cost projections.
PERT is a statistical tool that uses a probabilistic model to determine a project's timeline, which is useful when there is uncertainty about the individual task duration times. CPM, on the other hand, is a step-by-step project management technique that outlines the critical and non-critical tasks to provide project scheduling.
To begin the design process, one should first define the problem. This involves criteria and constraints, understanding the budget for product development, and considering the engineering design process. With a well-defined problem, subsequent steps such as exploring possibilities and generating ideas through brainstorming or design sessions can be more effectively executed.