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Week 4: Define and apply estimating processes and concepts to the project

Reading samples

Learning outcomes of the unit

Learnings from your weekly study, experience, this and prior unit readings and assignments

Supporting documentation including any prior learning

Mandatory Readings

· Smith Chapters 7;

· AS 4915-2002 Project management - General conditions;

Optional Readings

· Engineering & Construction Risk Institute;

Case Study

· BMD Constructions Awarded Civil Contract for the Reclamation Phase of the New Parallel Runway at Brisbane Airport

· Jan De Nul Group: New parallel runway for Brisbane Airport

· Hall Contracting: New Parallel Runway Project

· Jacobs Awarded Contracts through Brisbane Airport Airside

· Airbiz: Aircraft noise projections

1. Review using clear terminology the key areas and processes of project, program and portfolio management practices as applies to asset rich organisations.

The objective of this week’s topic is to explore and explain estimating processes and concepts to the project;

· N.J. Smith Chapter 7 will most likely be a substantial part of the way that you’ll explore the estimating process.  I think this chapter is particularly good and very relevant to the owners of large assets.

· You may also find that the volume of Edwards, Hermanson, and Ivancevich book on accounting has some additional insights that are worth reflecting on!

· AS 4915 is another standard for a contract.  This time it’s about the provision of project management.  You might like to compare some of its clauses with the other forms of contract you can find on the SAI web site.  In week 7 there is an optional reading for AS 4902-2000 General conditions of contract for design and construct.

· The optional readings from the Engineering & Construction Risk Institute also have summaries of contract issues worth considering.  Obviously when negotiating a contract the accuracy of the estimates becomes critical.

· In this last respect you might like to reflect on the links concerning the participants in the Brisbane Airport New Parallel Runway.  What kinds of estimates and contracts might be put together for these participants?

In this portfolio please reflect on the readings (1st column) and the learning outcome (2nd column).  Ask yourself in what way does the readings provide insights into the learning outcome?  Maybe they don’t!  What are your thoughts?

Are there other insights that you can make from other units that you have studied?  Or your work and life experience?

PPMP20013 Unit Profile

PPMP20013 Moodle Web site

Have you any insights you can add from other units you have studies or readings you’ve made?


Mandatory Readings

· Smith Chapters 7;

·AS4915- 2002 Project management-General conditions;

Optional Readings

·Engineering&Construction Risk Institute;

Case Study

· BMD Constructions Awarded Civil Contract for the Reclamation Phase of the New Parallel Runway at Brisbane Airport

· Jan De Nul Group: New parallel runway for Brisbane Airport

· Hall Contracting: New Parallel Runway Project

· Jacobs Awarded Contracts through Brisbane Airport Airside

· Airbiz: Aircraft noise projections

1. Review using clear terminology the key areas and processes of project, program and portfolio management practices as applies to asset rich organisations.

The objective of this week’s topic is to explore and explain estimating processes and concepts to the project;

· N.J. Smith Chapter 7 will most likely be a substantial part of the way that you’ll explore the estimating process.  I think this chapter is particularly good and very relevant to the owners of large assets.

· You may also find that the volume of Edwards, Hermanson, and Ivancevich book on accounting has some additional insights that are worth reflecting on!

· AS 4915 is another standard for a contract.  This time it’s about the provision of project management.  You might like to compare some of its clauses with the other forms of contract you can find on the SAI web site.  In week 7 there is an optional reading for AS 4902-2000 General conditions of contract for design and construct.

· The optional readings from the Engineering & Construction Risk Institute also have summaries of contract issues worth considering.  Obviously when negotiating a contract the accuracy of the estimates becomes critical.

· In this last respect you might like to reflect on the links concerning the participants in the Brisbane Airport New Parallel Runway.  What kinds of estimates and contracts might be put together for these participants?

In this portfolio please reflect on the readings (1st column) and the learning outcome (2nd column).  Ask yourself in what way does the readings provide insights into the learning outcome?  Maybe they don’t!  What are your thoughts?

Are there other insights that you can make from other units that you have studied?  Or your work and life experience?

PPMP20013 Unit Profile

PPMP20013 Moodle Web site

Have you any insights you can add from other units you have studies or readings you’ve made?

Mandatory Readings

· Smith Chapters 7;

· AS 4915-2002 Project management - General conditions;

Optional Readings

· Engineering & Construction Risk Institute;

Case Study

· BMD Constructions Awarded Civil Contract for the Reclamation Phase of the New Parallel Runway at Brisbane Airport

· Jan De Nul Group: New parallel runway for Brisbane Airport

· Hall Contracting: New Parallel Runway Project

· Jacobs Awarded Contracts through Brisbane Airport Airside

· Airbiz: Aircraft noise projections

2. Discuss the relevance of tools and techniques for investigating and describing project process related to developing new workings, facilities, equipment, plant and processes for justifying, designing, developing, or maintaining existing facilities and equipment within the context of their technological and asset lifecycle status.

The objective of this week’s topic is to explore and explain estimating processes and concepts to the project;

· N.J. Smith Chapter 7 will most likely be a substantial part of the way that you’ll explore the estimating process.  I think this chapter is particularly good and very relevant to the owners of large assets.

· You may also find that the volume of Edwards, Hermanson, and Ivancevich book on accounting has some additional insights that are worth reflecting on!

· AS 4915 is another standard for a contract.  This time it’s about the provision of project management.  You might like to compare some of its clauses with the other forms of contract you can find on the SAI web site.  In week 7 there is an optional reading for AS 4902-2000 General conditions of contract for design and construct.

· The optional readings from the Engineering & Construction Risk Institute also have summaries of contract issues worth considering.  Obviously when negotiating a contract the accuracy of the estimates becomes critical.

· In this last respect you might like to reflect on the links concerning the participants in the Brisbane Airport New Parallel Runway.  What kinds of estimates and contracts might be put together for these participants?

In this portfolio please reflect on the readings (1st column) and the learning outcome (2nd column).  Ask yourself in what way does the readings provide insights into the learning outcome?  Maybe they don’t!  What are your thoughts?

Are there other insights that you can make from other units that you have studied?  Or your work and life experience?

PPMP20013 Unit Profile

PPMP20013 Moodle Web site

Have you any insights you can add from other units you have studies or readings you’ve made?

Mandatory Readings

· Smith Chapters 7;

· AS 4915-2002 Project management - General conditions;

Optional Readings

· Engineering & Construction Risk Institute;

Case Study

· BMD Constructions Awarded Civil Contract for the Reclamation Phase of the New Parallel Runway at Brisbane Airport

· Jan De Nul Group: New parallel runway for Brisbane Airport

· Hall Contracting: New Parallel Runway Project

· Jacobs Awarded Contracts through Brisbane Airport Airside

· Airbiz: Aircraft noise projections

3. Present and interpret major processes that are based on sound policy, information, and research that enable project justification, tenders, contracts, and selection criteria to occur in an asset rich organisation.

The objective of this week’s topic is to explore and explain estimating processes and concepts to the project;

· N.J. Smith Chapter 7 will most likely be a substantial part of the way that you’ll explore the estimating process.  I think this chapter is particularly good and very relevant to the owners of large assets.

· You may also find that the volume of Edwards, Hermanson, and Ivancevich book on accounting has some additional insights that are worth reflecting on!

· AS 4915 is another standard for a contract.  This time it’s about the provision of project management.  You might like to compare some of its clauses with the other forms of contract you can find on the SAI web site.  In week 7 there is an optional reading for AS 4902-2000 General conditions of contract for design and construct.

· The optional readings from the Engineering & Construction Risk Institute also have summaries of contract issues worth considering.  Obviously when negotiating a contract the accuracy of the estimates becomes critical.

· In this last respect you might like to reflect on the links concerning the participants in the Brisbane Airport New Parallel Runway.  What kinds of estimates and contracts might be put together for these participants?

In this portfolio please reflect on the readings (1st column) and the learning outcome (2nd column).  Ask yourself in what way does the readings provide insights into the learning outcome?  Maybe they don’t!  What are your thoughts?

Are there other insights that you can make from other units that you have studied?  Or your work and life experience?

PPMP20013 Unit Profile

PPMP20013 Moodle Web site

Have you any insights you can add from other units you have studies or readings you’ve made?

Mandatory Readings

· Smith Chapters 7;

· AS 4915-2002 Project management - General conditions;

Optional Readings

· Engineering & Construction Risk Institute;

Case Study

· BMD Constructions Awarded Civil Contract for the Reclamation Phase of the New Parallel Runway at Brisbane Airport

· Jan De Nul Group: New parallel runway for Brisbane Airport

· Hall Contracting: New Parallel Runway Project

· Jacobs Awarded Contracts through Brisbane Airport Airside

· Airbiz: Aircraft noise projections

4. Critically analyse management strategies and operational activities from a broad perspective to ensure safety and quality, to avoid overruns or rework, to manage variations and claims, and to make decisions to discontinue or close projects.

The objective of this week’s topic is to explore and explain estimating processes and concepts to the project;

· N.J. Smith Chapter 7 will most likely be a substantial part of the way that you’ll explore the estimating process.  I think this chapter is particularly good and very relevant to the owners of large assets.

· You may also find that the volume of Edwards, Hermanson, and Ivancevich book on accounting has some additional insights that are worth reflecting on!

· AS 4915 is another standard for a contract.  This time it’s about the provision of project management.  You might like to compare some of its clauses with the other forms of contract you can find on the SAI web site.  In week 7 there is an optional reading for AS 4902-2000 General conditions of contract for design and construct.

· The optional readings from the Engineering & Construction Risk Institute also have summaries of contract issues worth considering.  Obviously when negotiating a contract the accuracy of the estimates becomes critical.

· In this last respect you might like to reflect on the links concerning the participants in the Brisbane Airport New Parallel Runway.  What kinds of estimates and contracts might be put together for these participants?

In this portfolio please reflect on the readings (1st column) and the learning outcome (2nd column).  Ask yourself in what way does the readings provide insights into the learning outcome?  Maybe they don’t!  What are your thoughts?

Are there other insights that you can make from other units that you have studied?  Or your work and life experience?

PPMP20013 Unit Profile

PPMP20013 Moodle Web site

Have you any insights you can add from other units you have studies or readings you’ve made?

Mandatory Readings

· Smith Chapters 7;

· AS 4915-2002 Project management - General conditions;

Optional Readings

· Engineering & Construction Risk Institute;

Case Study

· BMD Constructions Awarded Civil Contract for the Reclamation Phase of the New Parallel Runway at Brisbane Airport

· Jan De Nul Group: New parallel runway for Brisbane Airport

· Hall Contracting: New Parallel Runway Project

· Jacobs Awarded Contracts through Brisbane Airport Airside

· Airbiz: Aircraft noise projections

5. Demonstrate an effective, professional level of teamwork and communication and support collaborative peer group learning.

a. The objective of this week’s topic is to explore and explain estimating processes and concepts to the project;

b. N.J. Smith Chapter 7 will most likely be a substantial part of the way that you’ll explore the estimating process.  I think this chapter is particularly good and very relevant to the owners of large assets.

c. You may also find that the volume of Edwards, Hermanson, and Ivancevich book on accounting has some additional insights that are worth reflecting on!

d. AS 4915 is another standard for a contract.  This time it’s about the provision of project management.  You might like to compare some of its clauses with the other forms of contract you can find on the SAI web site.  In week 7 there is an optional reading for AS 4902-2000 General conditions of contract for design and construct.

e. The optional readings from the Engineering & Construction Risk Institute also have summaries of contract issues worth considering.  Obviously when negotiating a contract the accuracy of the estimates becomes critical.

f. In this last respect you might like to reflect on the links concerning the participants in the Brisbane Airport New Parallel Runway.  What kinds of estimates and contracts might be put together for these participants?

g. In this portfolio please reflect on the readings (1st column) and the learning outcome (2nd column).  Ask yourself in what way does the readings provide insights into the learning outcome?  Maybe they don’t!  What are your thoughts?

h. Are there other insights that you can make from other units that you have studied?  Or your work and life experience?

PPMP20013 Unit Profile

PPMP20013 Moodle Web site

Have you any insights you can add from other units you have studies or readings you’ve made?

Week 4: Define & Apply Estimating Processes and Concepts to the Project   

Reading samples

Learning outcomes of the unit

Learnings from your weekly study, experience, this and prior unit readings and assignments

Supporting documentation including any prior learning

Mandatory Readings

· Smith Chapters 6;

· Edwards at al., Chapter 26 from Edwards J. D., Hermanson R. H., Ivancevich S D. (2010) Accounting Principles Vol 2: Managerial Accounting

 

The rate of project failures has gone up in the recent years and the common reason detected in such failures is poor budgeting or cost management. Most of the projects define the costs in the initial stage and these values are never updated during the timeline. This shall not be followed and the review and upgrades in the costs shall be done in the basis of project variances and tolerance levels. The project costs may vary on the basis of stage and deliveries.  

a The advancement in technology has led to the development of automated tools that can be used for estimating the costs. These tools eliminate the possibilities of errors that may be encountered in the manual stages. There are also tools in place for tracking these costs.

Enshassi, A., Rashid Abdul Aziz, A., & El Karriri, A. (2008). Investigating the overhead costs in construction projects in Palestine. Journal Of Financial Management Of Property And Construction, 13(1), 35-47. https://dx.doi.org/10.1108/13664380810882066

 

The estimation or forecasting methods shall list out all of the project costs that may be one-time or recurring. The financial and budgeting risks have declined probability with the increased project maturity.  

The large-scale projects ensure that any of the alterations expected in the advanced stages of the project are predicted in advance and the impact analysis of such situations is also done. This leads to the elimination of major risks and severe consequences in the later project stages.

Li, H., Arditi, D., & Wang, Z. (2013). Factors That Affect Transaction Costs in Construction Projects. Journal Of Construction Engineering And Management, 139(1), 60-68. https://dx.doi.org/10.1061/(asce)co.1943-7862.0000573

The uncertainties and the various project risks shall be considered and analysed before defining the project costs. There are several stages that are involved in the projects. Sanction and tender are the most significant out of all.

Most of the project managers follow the methodology on one-time costs declaration and assessment. However, it shall be done in every phase of the project. Such a practice provides the ability to keep the costs in track and in control during the entire life cycle of the project.  

Lopez, R., & Love, P. (2012). Design Error Costs in Construction Projects. Journal Of Construction Engineering And Management, 138(5), 585-593. https://dx.doi.org/10.1061/(asce)co.1943-7862.0000454

 

The benefits that may be earned may be tangible or intangible. Similarly, the profits may also vary on the basis of the project parameters and factors.

The costs that are associated with the project can be forecasted on the basis of several techniques. Cost benefit analysis must be included as a mandatory process as it provides the in-depth details and values of all the costs involved along with the benefits. These costs and benefits are then mapped and analysed to understand the value that will be generate din the form of rates of return.  

Miri, M., & Khaksefidi, M. (2015). Cost Management in Construction Projects: Rework and Its Effects. Mediterranean Journal Of Social Sciences. https://dx.doi.org/10.5901/mjss.2015.v6n6s6p209

The estimations that are done in the initial stages of the project have high significance in the projects. It is therefore essential that these values shall be assessed by the senior leaders and subject matter experts so that any of the possible risks are also identified and handled.

All of such risk areas must be identified, assessed, and evaluated. The techniques and methods for estimation may differ.  

Any of the risks associated with costing and budgeting must be tackled through the risk management plan and guidelines. These shall include the identification, analysis, treatment, and control of the risks. The treatment strategy shall be defined in such a manner that is addresses and mitigates the issue and the risk that is assessed.

References:

Enshassi, A., Rashid Abdul Aziz, A., & El Karriri, A. (2008). Investigating the overhead costs in construction projects in Palestine. Journal Of Financial Management Of Property And Construction, 13(1), 35-47. https://dx.doi.org/10.1108/13664380810882066

Li, H., Arditi, D., & Wang, Z. (2013). Factors That Affect Transaction Costs in Construction Projects. Journal Of Construction Engineering And Management, 139(1), 60-68. https://dx.doi.org/10.1061/(asce)co.1943-7862.0000573

Lopez, R., & Love, P. (2012). Design Error Costs in Construction Projects. Journal Of Construction Engineering And Management, 138(5), 585-593. https://dx.doi.org/10.1061/(asce)co.1943-7862.0000454

Miri, M., & Khaksefidi, M. (2015). Cost Management in Construction Projects: Rework and Its Effects. Mediterranean Journal Of Social Sciences. https://dx.doi.org/10.5901/mjss.2015.v6n6s6p20

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