Parametric Estimation in Non-Engineering Projects: A Justification

This report discusses the implementation of parametric estimation in non-engineering projects and justifies its use. It explores the aspects of parametric estimation and its application in non-engineering projects.

Running head: COMPLEX PROJECT MANAGEMENT
Complex Project Management
Name of the Student
Name of the University
Author Note

1COMPLEX PROJECT MANAGEMENT
Introduction:
In the report the paper that will be studied for the further discussion is the Aspect of
Complexity written by Terry Cooke-Davies. The topic of the discussion in the following
paper is parametric estimation. The main discussion will be made that if the parametric
estimation can be implemented in the non-engineering projects like the welfare projects. A
proper justification is also made for the given topic in the paper.
Parametric Estimation:
The process of the parametric estimation is mainly done for the projects to estimate
the time and the cost. The parametric estimating technique estimates the cost and the time of
the project more accurately than the other project estimation techniques. The unit of the
duration and the unit of cost is used to determine the parametric estimating (Babadi & Brown,
2014). In this paper of the Terry Cooke-Davies Aspect of Complexity the author discusses
the aspects of parametric estimating. There are many aspect that the parametric estimating
have discussed below:
 Identification cost of the parametric estimation and then send back to the
return on investment (ROI).
 Assumptions and the limitations are done.
 Previous project data is collected and then the data is included in the data of
design, cost data, schedule data and in the technical data (Brockwell &
Schlemm, 2013).
 Data of the previous project which is collected then normalized production
rate, economics, quantities, and for the measurement of the units.
 The variables that are independent are then related to the drivers of the cost of
project.

2COMPLEX PROJECT MANAGEMENT
 A hypothesis is formulated based on the independent variable.
 The hypothesis is tested significantly so that the significance of the data will
be easily determined.
 The estimation of the cost is documented for using it further.
From the given article it only shows the aspects of the parametric estimating in the
context of the engineering projects. In the implementation of the parametric
estimation many kind of maturity models of the technology are used (Guo et al.,
2014). From the assessment of the parametric estimating aspect it can be said that this
techniques can be used in the non-engineering project also.
Justification of the Assessment:
In the above paper the discussion is made on the parametric estimation and a
statement is also given that the parametric estimation can be used in the non-engineering
domain also like the welfare projects. The project is only able to use the technique of the
parametric estimating if the project met the requirement to adapt the technology. In the
current scenario every project need to estimate a proper duration and time so that the project
will be able to complete successfully and efficiently as per the estimation (Martin & Pham,
2015). Different various kind of estimation process is used in the projects to measure the
budget and the timeline of the project. Whether a project is of engineering domain or non-
engineering domain every project must identify its required time and the cost. When a project
is having these data then the parametric estimating can be taken into consideration. The
parametric estimating will first take these data from the project then a data normalization will
be done on those data need of that project as per the. Then on this collected data a hypothesis
will be generated (Ahern, Leavy & Byrne, 2014). The hypothesis will be able to help the
project to identify the time of development and the budget for the non-engineering project.

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The non-engineering project aspects are not similar like the engineering project. The
technologies that are used in the both kind of project are also different. The engineering
project consist more of the technical work and the non-engineering projects have less
technical work required in them. Differences are there but there are similarities also present
on the engineering and non-engineering projects. Development time and development cost is
present on the both project because both of the projects are highly dependent on these two
factor (Kerzner, 2017). The suppliers of the material and the process manufacturer for the
both domain are more or less same. In the article of the Terry Cooke-Davies stated that in
every project the main issues generated with the technologies that are used in the project.
Assumptions and the limitations are also made in the projects of the non-engineering.
Previous non-engineering project data are gathered and then normalized as per the
requirement of the project. These are the main aspect that allows the parametric estimating to
implement in the domain of non-engineering (Cooke-Davies, 2011).
Conclusion:
It can be concluded from the above report that the parametric estimating can be
implemented in the projects of the non-engineering domain. In the both kind of domain
parametric estimation works in a similar way.

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References:
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.
Brockwell, P. J., & Schlemm, E. (2013). Parametric estimation of the driving Lévy process of
multivariate CARMA processes from discrete observations. Journal of Multivariate
Analysis, 115, 217-251.
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.
Martin, W., & Pham, C. S. (2015). Estimating the gravity model when zero trade flows are
frequent and economically determined. The World Bank.