In this report the article that is reviewed is the Aspect of Complexity by Terry Cooke Davies. Parametric estimating is the topic that will be described in the following paper. The report will incorporate with the fact that if the parametric estimating could be implemented in the projects of civil engineering like the projects of welfare (Ahern, Leavy & Byrne, 2014). The justification will be given in the article too on the basis of the article that whether parametric estimating can be used in the projects of non-engineering or not.
Implementation of Parametric Estimation:
Parametric estimation is technique that is mainly used in the projects of the engineering projects. The parametric estimation is used for estimating the duration and the cost of the budget accurately (Babadi & Brown, 2014). The technique of parametric estimation is more accurate than the other estimation techniques that are used for estimating project cost and time. Parametric estimation can be identified by the unit of duration and by unit of budget. In the article of Terry Cookes-Davies Aspect of Complexity, there are many aspect of the parametric estimation is described. All the aspects that are described in the article is given below (Cooke-Davies, 2011):
- First the cost is identified for the project and then the value is returned on the investments (ROI).
- Then the limitations and assumptions are made for the project.
- Information is gathered from the past projects and then the data is used for designing, scheduling, costing and to do the technological work.
- The information that are collected from the previous projects are normalized by different aspect to use it further.
- The independent variables are mainly related to the project’s cost drivers.
- Based on the individual variables a hypothesis is generated.
- To identify the significance of the data the hypothesis is tested significantly.
- After all the assessment the gathered data are documented for further use in the project.
From the above discussion it can be determined that the parametric estimating is mainly used in the engineering project. Many kind of different maturity model is used in the technique of the parametric estimating (Guo et al., 2014). From the above description of the paper it can be said that there is a way so that in the non-engineering projects parametroc estimating can be incorporated like welfare projects.
In the above paragraph the discussion is made on the parametric estimating and its aspects. From the discussion it is identified that the parametric estimating is used in the engineering projects. In the above discussion a details is given that the parametric estimation can be incorporated in the domain of non-engineering projects. When adapting the parametric estimating is a project the project must have some required criteria which needed to be taken care of. In the present scene more or less each projects have the same requirements to develop properly (Kerzner, 2017). It is necessary for every projects to estimate the duration and the budget for the project properly so that the project will complete successfully. For the all projects different estimation technique is used for the cost and time estimation. It is necessary for the engineering project and the non-engineering project to estimate the timeline and the budget of the project properly. If a project has these aspects to estimate then this technique of estimation can be implemented in the project. First the parametric estimating collect the data about the previous projects and then the data will be normalized to use as per the requirement. Then on the basis of the data a proper hypothesis is made for the project. The hypothesis will be able to identify the budget and the timeline for the project. The aspects and the feature of the engineering project and the non-engineering project are almost same. But the technologies that are used in the project management are different. The projects of the engineering domain consists more technical work than the non-engineering projects. Time and cost is needed in the both kind of project domain. In the article it says that the parametric estimating can be used in the project that are having the cost and budget incorporated on them (Kerzner, & Kerzner, 2017). Data of the previous non-engineering projects are gathered and then the data is used for the project to complete in estimated time and budget.
From the above discussion it can be concluded that the technique of parametric estimating can be used in the non-engineering domain projects. Parametric estimation works in a same way for the all projects whether it is a project of engineering or non-engineering.
Ahern, T., Leavy, B., & Byrne, P. J. (2014). Complex project management as complex problem solving: A distributed knowledge management perspective. International Journal of Project Management, 32(8), 1371-1381.
Babadi, B., & Brown, E. N. (2014). A review of multitaper spectral analysis. IEEE Trans. Biomed. Engineering, 61(5), 1555-1564.
Cooke-Davies, T. (2011, August). Aspects of complexity: Managing projects in a complex world. Project Management Institute.
Guo, X., Liu, H., Mao, X., Jin, J., Chen, D., & Cheng, S. (2014). Willingness to pay for renewable electricity: A contingent valuation study in Beijing, China. Energy Policy, 68, 340-347.
Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.