Robust/Detailed Model for Cost and Time Estimate to Influence the Success of Project and Effective Project Management

Project Plan or Brief

There needs to be explicit interrogation of the topic. As many questions as possible should be asked before starting to create the estimate. It is an appropriate idea to deal with a business that takes care of costs and estimates of time to affect the entire management? It is good to ensure a set of caveats is present and detailed. The plan is to develop an ideal model that will take care of costs and time incurred in the capital estimate. It will also determine whether it affects the economic evaluation of the markets. The project brief is that the model must be able to cater for changes in time and cut costs across a range of industries.

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Describe the issue that you desire to investigate for the Dissertation. They must be related to the subjects that entail the study programme and have to indicate the objectives of the research question to be.

The Study Rationale

The features of capital projects include; significant investment (cash) outlays, and funding a universal constraint, a portfolio view is taken to invest in those developments identified as a priority relative to the current business objectives. Projects are evaluated based on their commercial viability/profitability, and occasionally, their strategic value. Those who have been hi-graded, relative to their peers within the portfolio, are ultimately sanctioned.

Estimating costs plays a fundamental role in the creation of the capital estimates which support a project's economic evaluation. It also serves as one of the critical inputs in the decision making and selection process. Therefore, cost/time estimates should realistically represent all anticipated costs from early project maturation through execution and First Production. Currently, the estimates produced varies from one company to another and from one person to another. Hence a universal methodology needs to be applied across businesses. It helps in the development of estimates across industries which are easy to compare and benchmark.

The Context of the Study

The most important thing is to get the estimating discipline from the beginning of the project. Lack of an accurate estimation will have impacts on issues of credibility and also profitability for future variations likely to occur. The study will be valid in estimating all the resources, the roles and time it is required to meet a certain level of desired profit from an industry. With the underestimation of the expected time, there is also an influence on the evaluation that serves to complete the project. Standardization of the global estimating practice will ensure that proper and realistic additions are made to the real numbers to deliver an excellent solution. The study will also include the different ways that one standardizes the global estimating practice according to the direct and indirect rates. The process of standardization ensures improvements in the quality and productivity of a business in its location.

Research Question

How do we standardize Global Estimating Practise?

Definition of Roles

It is essential to allow for all the functions that will be part of the project. It is rare that developers work in isolation since for such a project, a team is required. Thus, the plan will allow for input from copywriters, handlers of accounts, social media and the project managers. Everybody needs to know the part they play in the completion of the project.

Literature Review

The Dissertation would include research of standard tools and factors/Norms, market data, etc. The research would ensure that cost estimates are developed consistently and credibly across the full opportunity lifecycle of Project. The study shall include derivation from a previous research study that shows their findings and determines if they are reliable and applicable in the present generation. The literature must be inclusive of the current knowledge of estimates in the markets including; the substantive findings and theoretical and methodological contributions to the topic. The research will incorporate these materials and their discussion concerning the matter in question.

Methodology

Having consistent heads and approach in terms of developing estimates would allow for a secure audit trail and comprehensive costs. The estimates of the cost need to be done so accurately. Thus, it shall be possible to incur the proposed project estimates. Those checking the estimates will be in a position to tell points of under and overestimations. These are achieved by evaluating the Project Requirements from the beginning to the end. To develop these standards, access to compass International, Tools and processes of different companies required, this can be achieved as I already have membership account of Compass International and access to the Tools and procedures of the current company where I am working.

Foreseen Limitations

It will be challenging to obtain Detailed Project cost data due to its sensitivity and confidentiality. One could solely rely on online materials and already done works of literature to come up with their own conclusion since it may be difficult to access data from industries showing their estimates and costs reliable for the study. In that case, there is the influence of adaptation of the marketing mix that gets more on the side of global marketing which has no relations with the process of standardization. It is also challenging to calculate the correlation coefficient using social tools because the data will be too broad and the process is hectic. Additionally, the actual scores of assessment may not be accurate because of estimation systems making these resources to be ineffective in a way.

On completion of Research, the outcomes shall apply in developing Engineering, Procurement and Construction Estimates across the oil and gas Industry. There is a need to look backward in similar projects and see what the researcher came up with then decide the rates that you need to use. One key thing to consider is the market norms which is the competitiveness of the industry and chose the main area where the project will focus. This way, it helps to ensure one gives their whole thinking on strategy development and designing an excellent model that incorporates all the estimates.

What information need to be collected gather? How will it be accessed?

Need to gather information on various estimation systems, Norms, benchmark data, local factors, etc. that influence cost/time of Project.

The required documents will be on Process and procedures that I have dealing with in my experience and information and data available from various websites.

The subject area(s) of the proposal - as per your view - the key area? Projects related to Gas and Oil

References

Alon, I., Jaffe, E., Prange, C. and Vianelli, D., 2016. Global marketing: contemporary theory, practice, and cases. Routledge.

Bloom, N., Floetotto, M., Jaimovich, N., SaportaEksten, I. and Terry, S.J., 2018. Uncertain business cycles. Econometrica, 86(3), pp.1031-1065.

Chugh, S.K., 2016. Firm risk and leverage-based business cycles. Review of Economic Dynamics, 20, pp.111-131.

Court, V. and Fizaine, F., 2017. Long-term estimates of the energy-return-on-investment (EROI) of coal, oil, and gas global productions. Ecological Economics, 138, pp.145-159.

Domanski, D., Kearns, J., Lombardi, M., and Shin, H., 2015. Oil and debt.Greasley, A., 2017. Simulation modeling for business. Routledge.

Kerzner, H., 2018. Project management best practices: Achieving global excellence. John Wiley & Sons.

Scott, D.W., 2015. Multivariate density estimation: theory, practice, and visualization. John Wiley & Sons. Domanski, D., Kearns, J., Lombardi, M., and Shin, H., 2015. Oil and debt.WERC Org. Metrics, Benchmarking & Best Practices, Increasing DC Productivity & Efficiency