A Review of Parametric Estimating Techniques in Project Management

This report provides a comprehensive review of parametric estimating techniques in project management. It begins by exploring the application of parametric estimation methods, such as NPV, ROI, and IRR, in assessing project feasibility, particularly in non-engineering projects like welfare initiatives. The report then delves into the impact of project complexity on cost and schedule estimation, highlighting the challenges associated with tackling 'wicked problems' and the need for advanced project management processes. It further examines the applicability of parametric estimation within Australian Public Service projects, emphasizing its benefits in tracking project progress and achieving milestones. The report also addresses potential issues in project costing and scheduling, such as lack of information and cost overruns, and concludes with a discussion on the feasibility of the big data paradigm in project management. The report utilizes multiple sources to support its findings and provides a detailed analysis of the subject matter.

Running head: REVIEW OF PARAMETRIC ESTIMATING IN PROJECTS
Review of parametric estimating in Projects
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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

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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

3REVIEW OF PARAMETRIC ESTIMATING IN PROJECTS
and taking care of the progress of the projects (Caneva, 2013). The execution of the project
activities would be aligned for ensuring the utilization of the proper and effective alignment
development. The parametric estimation would allow the benefits of tracking project progress,
effective execution of the project, and achievement of the milestones. The project would require
the keeping track of the operations and using the parametric evaluation it can be eased. The
deployment would be helpful for forming the alignment of the innovative operations and making
sure that the operations of the non engineering projects would be effectively managed. Moreover
the successful analysis of operations would be developed with the use of the effective parametric
estimation. The marking of the milestones to be achieved for the execution of the project
development can be managed with the use of the parametric estimation.
Probable Issues in project costing and scheduling
The complex project costing and scheduling would require the inclusion of the activities
and aligning the probable development of the factors (Kerzner & Kerzner, 2017). The provision
requirement would be effectively managed for listing the probable alignment and development.
The project costing and scheduling would be effectively managed for listing the probable
inclusion of the factors. The cost management would be deployed for easing the inclusion of the
operations. The probable issues in management of costing and scheduling for complex projects
are lack of proper information, cost over budget, delay, and derivative factors operations. These
issues would result in forming major setback for the completion of the project. The lack of
appropriate information is the most common problem for developing the project costs and
schedules. The cost analysis would be based for listing the operations and it would also be used
for aligning the management process (Fleming & Koppelman, 2016). The over budget is another
issue in developing the effective project cost estimation and development. The utilization of the

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factors would allow the significant management of the costs of the projects and the time
schedule. The schedule for the project would be largely responsible for aligning effective project
execution.
Feasibility of Big Data Paradigm
The federal government had the concept of using the big data for securing the execution
of the project and alignment of the effective management process. The storage of information of
the public would dependent on the alignment of the successful complex project management.
The big data paradigm would be utilized for forming the management of the successive
management process. The data management would be aligned with the use of the effective and
affluent project management.

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References
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
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.
Walker, A. (2015). Project management in construction. John Wiley & Sons.
Svejvig, P., & Andersen, P. (2015). Rethinking project management: A structured literature
review with a critical look at the brave new world. International Journal of Project
Management, 33(2), 278-290.
Kerzner, H. (2018). Project management best practices: Achieving global excellence. John
Wiley & Sons.
Cooke-Davies, T. (2011, August). Aspects of complexity: Managing projects in a complex
world. Project Management Institute.
Caneva, L., (2013, July). Tackling ‘Wicked’ Problems – A Public Policy Perspective. Australia
Probono. Available at: https://probonoaustralia.com.au/news/2013/07/tackling-wicked-
problems-a-public-policy-perspective/
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.