Estimating Processes and Concepts in Project Management

This document discusses the estimation processes and concepts in project management, focusing on cost estimation and project stages. It includes mandatory readings and optional readings for further exploration.

(Insert Student Name) / (Insert Student Number) - PPMP20013Unit Portfolio for Week 4
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
1. Estimating the
project processes
and project
concepts
The main objective of this week’s topic is to estimate the processes and project
related concepts such as:
 Cost estimation records the cost management into the engineering and
construction work.
 Estimation of project cost as well as time is required at each of the
project stages.
There is estimation at each of the project stages such as:
 Preliminary estimation
 Appraisal of cost estimation
 Proposal of cost estimation
 Approved the estimation of project cost
In the construction work, feasibility study is carried out for assessment of
proposed project plan and methods.
PPMP20013 Unit Profile
PPMP20013 Moodle
Web site
Lecture slide of week 4
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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
 Jacobs Awarded
Contracts through
Brisbane Airport
Airside
 Airbiz: Aircraft
noise projections
Mandatory Readings
 Smith Chapters 7;
 AS 4915-2002
Project
management -
General
conditions;
2. Estimation
processes tools and
techniques
The project estimation process establishes the scope and technical baseline of
the project. There is proper collection of the data for estimate the cost. Quality
risks are done so that it can review and validate the cost estimation. The project
manager tracks the project plan throughout development process.
I had reviewed the case study and concluded that there is required to review
estimation process for successful completion of project work.
PPMP20013 Unit Profile
PPMP20013 Moodle
Web site
Mandatory Readings
 Smith Chapters 7;
 AS 4915-2002
Project
management -
General
conditions;
3. Types of cost
estimation and
contracts required
for the project
participants
I had observed that estimation process is required at the construction project
management. There is required to determine cost management for predicting
cost of the project work. It predicts probable program for the project work. It
can identify and quantify the problems plus risks in the project regarding the
problems and risks. There is requirement to estimate the forecast the project
expenditures.
Lecture slide of week 4
Mandatory Readings
 Smith Chapters 7;
 AS 4915-2002
Project
management -
General
conditions;
Optional Readings
 Engineering &
4. Approaches to
determine the cost
estimation
There are determination of two project approaches like top down approach and
bottom up approach.
In the top down approach, it is required to break down the construction cost to
gain insight of the system. This approach provides positive business impacts
throughout entire project management plan. The top down approach can create
clean lines of the project authority, standardizes the products plus services and
facilitate the quality control of entire work.
On the other hand, bottom up approach is required to raise the system to make
Lecture slide of week 4
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(Insert Student Name) / (Insert Student Number) - PPMP20013Unit Portfolio for Week 4
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
Construction
Risk Institute;
original sub-systems. The bottom up approach is utilized as a way for the project
management to gain success in the project plan. This approach can form
innovative perception of the company, project goals plus the employees. This
approach can measure the operational risks plus reallocate project assets plus
decision making.
The financial manager can determine accounting of time plus project cost. They
can manage the project stakeholders for balancing accuracy of the project
delivery.
Mandatory Readings
 Smith Chapters 7;
 AS 4915-2002
Project
management -
General
conditions;
Optional Readings
 Engineering &
Construction
Risk Institute;
5. Estimation and
contracts of the
project
In this project plan, proper estimation of project cost is required so that all the
construction related work is completed in scheduled time. In order to complete
the work, there is required to have cost management. New Parallel Runway
Project, all the project phases are analysed so that there is required to have cost
estimation strategy. This cost estimation permits the project manager to refine
the project tasks and add to estimate the cost.
In the cost management, there are some factors which can affect the profit of
the project such as size of the project, desire of the project organization to
secure work, location, degree of project innovation and type of the contract
related to construction management.
PPMP20013Unit Profile
PPMP20013 Moodle
Web site
Have you any insights
you can add from other
units you have studies or
readings you’ve made?
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References
Heldman, K. (2018). PMP: project management professional exam study guide. John Wiley & Sons.
Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process. McGraw-Hill Education.
Verzuh, E. (2015). The fast forward MBA in project management. John Wiley & Sons.
Wells, K. N., & Kloppenborg, T. J. (2018). Project Management Essentials. Business Expert Press.
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