Running head: PROJECT BUDGET 1
PROJECT BUDGET 2
Project Budget: Shawcor
Respectfully submitted to Dr. Onu
Shawcor Project Budget
The project involves the Shawcor company; its primary purpose is to establish the most convenient and cost-effective ways of attracting talent and retaining for the future success of Shawcor. Additionally, the project is expected to last for six months using appropriate methods of collecting data and data analysis to deduce more accurate results at the end of the upgrade.
The project estimation process refers to an exercise whereby project estimators determine the amount that is significantly required to ensure that all the project activities are executed smoothly. Importantly, project estimation is essential since it determines if the project will be successful and that the goals and objectives of the project or the research study are fulfilled. Several methods or techniques are primarily used to estimate the project budget, such as the parametric method, analogous method, cost estimating method, reserve estimating, and bottom-up method.
The parametric estimation method is chosen to project the cost of the entire exercise of the research. The primary reason for selecting the parametric method of estimation is that it is more accurate than the analogous estimation method, depending on more initial data from the other research. However, obtaining the data from the previous research is easy since they are available in the national libraries and online sources.
Additionally, the research also involved other significant methods, such as the bottom-up estimating method. Employing the bottom-up technique is because the methods suit massive projects since they break down all the components. The broken components are later estimated evaluated according to the work packages to ensure that no single step is left, which might bring about costly errors.
The estimation exercise is executed by the project estimators and approved by the finance department of the Shawcor company. However, to aggregate the estimated budget, techniques such as cost aggregation, reserve analysis, fund limit reconciliation, and historical relationships are the critical measurements that aid aggregation of the estimated budget of the research project. The padding and the reserves will be used to obtain more accurate and technological equipment to ensure the accuracy of the end project results (Light, 2012).
Statement of Level of Accuracy.
The accuracy of the project is sufficient and dependable since effective techniques and methods were employed to determine and aggregate the project budget. Among the methods applied in determining the project cost value is the parametric estimation method proven through the research that the method is effective over analogous estimating method.
Additionally, other significant methods, such as the bottom-up estimating method, have also been proven through various research to be more effective and accurate in estimating project value or in determining the project’s budget (Barton, 2017).
The Estimation of The Project
The project is estimated to cost 1.45 million dollars following the results given by the project estimators, which the finance department has approved of the Shawcor organization.
Summary of Project Deliverable Costs
Estimated Amount: ($) USD
Prepare a consent letter.
Approval of the consent letter.
Approval of the third-party project resources.
Recruitment of project resources.
Acquisition of materials/equipment.
Obtaining secondary data.
Barton, E. E., Pustejovsky, J. E., Maggin, D. M., & Reichow, B. (2017). Technology-aided instruction and intervention for students with ASD: A meta-analysis using novel methods of estimating effect sizes for single-case research. Remedial and Special Education, 38(6), 371-386. https://journals.sagepub.com/doi/abs/10.1177/0741932517729508
Light, D. W., & Lexchin, J. R. (2012). Pharmaceutical research and development: what do we get for all that money?. Bmj, 345. https://www.bmj.com/content/345/bmj.e4348.long
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