Parametric Estimation in Non-Engineering Projects: A Justification

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.