PPMP20013: Project Management Report - Week 5 - Estimating

This report, focusing on project management, specifically addresses the application of estimating processes and techniques. The report covers the importance of time and budget estimations at each stage of a project, including preliminary, appraisal, proposal, and post-contract estimates. It highlights the objectives of estimation, such as identifying potential risks and forecasting project expenditures. The report references key sources like Kerzner (2013) and Levy (2012), and discusses the significance of estimations in project planning, risk assessment, and the overall lifecycle of a project. The report concludes with a summary of the key learning outcomes of the week, including the identification and quantification of project risks.

(M Mudabbir Ahsan) / (12047786) - PPMP20013 Course Portfolio for Week (5)
Learning
outcomes of the
course
Description oftopics
including reading
samples
Learnings from your experience Supporting
documentation
including your
prior learning
2. Discuss the
relevance of tools
and techniques for
investigating and
describing project
process related to
developing new
workings, facilities,
equipment, plant
and processes or
maintaining
existing facilities
and equipment.
Week 5: Define and apply
estimating processes and
concepts to the project.
Levy (2012) Chapters 8.
Smith Chapters 8,9 & 10
QLD Dept. Transport and Main
Roads. 2015. Project Cost
estimating manual.
I have learned that estimation of time and budget needs to be completed at
each stage of the project. The various types of estimation that are made at each
phase of the project include preliminary estimate, appraisal estimate, proposal
estimate, approved estimate, pre-tender estimate as well as post contract
estimate. I have also learned various objective behind any estimation and the
identified objectives are as follows:
Various range of possible distributions
 Different range of possible costs is quite greater than early stages of
the project
 Different risks as well as latent in project at its different stages
 Minimization of risk over the entire project life
I have learned that estimation in project is mainly done due to the following:
 To predict the various probable programs
 for identifying as well as quantifying potential risks as well as problems
 For stating various assumptions as well as project exclusions
 For forecasting the expenditure of the project
Kerzner H. ,2013
Project Management:
A Systems Approach to
Planning, Scheduling,
and Control, 11th
Edition. Hoboken,
USA: John Wiley &
Sons.
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(M Mudabbir Ahsan) / (12047786) - PPMP20013 Course Portfolio for Week (5)
References
Kerzner H., 2013. Project Management: A Systems Approach to Planning, Scheduling, and Control, 11th Edition. Hoboken, USA: John Wiley & Sons.
Levy S. M. ,2012. Project Management in Construction, 6th Edition. USA: McGraw-Hill.
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