Review of Parametric Estimating in Projects

Running head: REVIEW OF PARAMETRIC ESTIMATING IN PROJECTS
Review of parametric estimating in Projects
Name of the Student:
Student ID:
Name of the University:
Author’s note:

1REVIEW OF PARAMETRIC ESTIMATING IN PROJECTS
Review of Parametric Estimation for non-engineering projects
According to Cooke-Davies (2011), the parametric estimation methods like NPV, ROI,
and IRR has been helpful for analysis of the feasibility of the projects. The methods are helpful
for forming the utilization of the economic benefits and compare with the expenses for
understanding whether the project would be executed successfully. Hence, it is debatable
whether these parametric estimations can be used for the non-engineering projects such as
welfare projects. The parametric estimation not only evaluates the economic feasibility but also
provide option for keeping track of the project progress and resource utilization. The non-
engineering projects would be able to keep track of the project progress and align the utilization
of the successive management process. The parametric estimation would be aligned for easing
the development of the successive and effective influence of the operations. The alignment
would be helpful for making sure that the improvements would be aligned for listing the
probable influence of innovation and development for the projects (Ahern, Leavy & Byrne,
2014). Some benefits of using the parametric operations for non-engineering projects are,
 Keeping track of the operations and using the parametric evaluation for easing the
development of the successive management
 Making sure that the operations of the non engineering projects would be
effectively managed for easing the execution of the projects
 Marking the milestones to be achieved for the execution of the project
development and using the effective alignment

2REVIEW OF PARAMETRIC ESTIMATING IN PROJECTS
Review of Impact of Complexity on Project Cost and Schedule Estimation
The project cost and schedule estimation is required for easing the management of the
alignment and development of the successive management. The utilization of the proper cost
estimation and schedule development would be helpful for making sure that the implication and
alignment is done. The complexity of the project would largely form the estimation of the cost
and schedule (Cooke-Davies, 2011). For example: if the project is complex, the provision for the
complex project is implied for using the probable implication and development. The utilization
of the parametric estimation would be implied for forming the successive management
operations. The utilization of the parametric estimation can be effectively implied for supporting
the formation of the functions. The complexity of the project would have direct impact on
estimating the cost and budget development. According to Caneva (2013), the tackling of wicked
problems would include the use of the detailed and advance project management process. The
utilization of the activities would involve the simplification of the operations for taking care of
the functions. The ease of developing the factors would support the proper and effective
management process. The utilization of the factors of improved project management would be
considered for easing the utilization of improved project execution. The complex projects have a
wider contingency for budget and scope so that the project can involve the probability of wider
project execution.
Applicability of Parametric estimation in Australian Public Service projects
Australian public service projects would be implied for aligning the implication of the
non-profitable projects such as footpath construction, road repairing, replacing of the road lights
etc. Parametric estimation would allow the option for analysing the improvement of the project