Parametric Estimation in Non-Engineering Projects: A Review of Aspects and Justification

This report reviews the aspects of parametric estimation and its implementation in non-engineering projects. Justification is given on whether parametric estimation can be used in non-engineering projects or not.

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

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Introduction:
In this report the article that is reviewed is the Aspect of Complexity by Terry Cooke
Davies. Parametric estimating is the topic that will be described in the following paper. The
report will incorporate with the fact that if the parametric estimating could be implemented in
the projects of non-engineering like the projects of welfare (Ahern, Leavy & Byrne, 2014).
The justification will be given in the article too on the basis of the article that whether
parametric estimating can be used in the projects of non-engineering or not.
Implementation of Parametric Estimation:
Parametric estimation is technique that is mainly used in the projects of the
engineering projects. The parametric estimation is used for estimating the duration and the
cost of the budget accurately (Babadi & Brown, 2014). The technique of parametric
estimation is more accurate than the other estimation techniques that are used for estimating
project cost and time. Parametric estimation can be identified by the unit of duration and by
unit of budget. In the article of Terry Cookes-Davies Aspect of Complexity, there are many
aspect of the parametric estimation is described. All the aspects that are described in the
article is given below (Cooke-Davies, 2011):
 First the cost is identified for the project and then the value is returned on the
investments (ROI).
 Then the limitations and assumptions are made for the project.
 Information is gathered from the past projects and then the data is used for
designing, scheduling, costing and to do the technological work.
 The information that are collected from the previous projects are normalized
by different aspect to use it further.
 The independent variables are mainly related to the project’s cost drivers.

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 Based on the individual variables a hypothesis is generated.
 To identify the significance of the data the hypothesis is tested significantly.
 After all the assessment the gathered data are documented for further use in
the project.
From the above discussion it can be determined that the parametric estimating is
mainly used in the engineering project. Many kind of different maturity model is used in the
technique of the parametric estimating (Guo et al., 2014). From the above description of the
paper it can be said that there is a way so that in the non-engineering projects parametroc
estimating can be incorporated like welfare projects.
Justification:
In the above paragraph the discussion is made on the parametric estimating and its
aspects. From the discussion it is identified that the parametric estimating is used in the
engineering projects. In the above discussion a details is given that the parametric estimation
can be incorporated in the domain of non-engineering projects. When adapting the parametric
estimating is a project the project must have some required criteria which needed to be taken
care of. In the present scene more or less each projects have the same requirements to
develop properly (Kerzner, 2017). It is necessary for every projects to estimate the duration
and the budget for the project properly so that the project will complete successfully. For the
all projects different estimation technique is used for the cost and time estimation. It is
necessary for the engineering project and the non-engineering project to estimate the timeline
and the budget of the project properly. If a project has these aspects to estimate then this
technique of estimation can be implemented in the project. First the parametric estimating
collect the data about the previous projects and then the data will be normalized to use as per
the requirement. Then on the basis of the data a proper hypothesis is made for the project.

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The hypothesis will be able to identify the budget and the timeline for the project. The
aspects and the feature of the engineering project and the non-engineering project are almost
same. But the technologies that are used in the projects are different. The projects of the
engineering domain consists more technical work than the non-engineering projects. Time
and cost is needed in the both kind of project domain. In the article it says that the parametric
estimating can be used in the project that are having the cost and budget incorporated on them
(Kerzner, & Kerzner, 2017). Data of the previous non-engineering projects are gathered and
then the data is used for the project to complete in estimated time and budget.
Conclusion:
From the above discussion it can be concluded that the technique of parametric
estimating can be used in the non-engineering domain projects. Parametric estimation works
in a same way for the all projects whether it is a project of engineering or non-engineering.

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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.
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.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.