PROJECT TITLE

STUDY ON PROJECT COST ESTIMATION TECHNIQUES.

SUBMITTED TO

CENTRE FOR ONLINE LEARNING

DR. D. Y. PATIL VIDYAPEETH, PUNE

SUBMITTED BY

SYEDA SABA ALI ASGHAR ABEDI

 INTRODUCTION TO TOPIC

  The pivotal role of cost estimation in project planning and execution.

  Impact on resource allocation, financial forecasting, and project viability.

  Real-world examples showcasing the consequences of inaccurate cost

estimations.

  Trace the historical development of cost estimation methodologies.

  Analyze the evolution from traditional to contemporary approaches.

 SCOPE OF THE STUDY

 • Highlight the significance of the Current Ratio as a key indicator of LIC's

liquidity position.

 • Strengthen communication to align perceptions with LIC's objective of

providing affordable insurance to the public.

 • Emphasize the importance of LIC's investment portfolio performance in

shaping its overall financial health. Communicate the significance of effective
investment decisions and portfolio management
 OBLECTIVES OF THE STUDY

 1. Evaluating the accuracy and effectiveness of different project cost estimation

techniques: Assessing the performance of various techniques under different project conditions
(scope, complexity, uncertainty) is crucial for identifying the most suitable methods.

 2. Understanding the factors influencing project cost estimation accuracy: Analyzing the
impact of project characteristics, organizational factors, and estimation methods on the accuracy
of cost forecasts is essential for improving estimation practices.

 3. Developing new project cost estimation techniques: Exploring novel approaches and
methodologies, such as AI/ML-based models, risk-based estimating, and big data analytics, can
enhance the precision and adaptability of cost estimation.
 RESEARCH METHODOLOGY

Research Methodology is a systematic procedure of collecting information in order to

analyse and verify a phenomenon. the collection of information is done in two principal

sources. They are as follows

1. Primary Data

2. Secondary Data
 DATA ANALYSIS & INTERPRETATION

The data analysis phase of the study on project cost estimation involves a comprehensive examination of
both quantitative and qualitative data. Employing a mixed-methods approach, this analysis aims to uncover
patterns, trends, and insights that contribute to a nuanced understanding of project cost estimation practices
. Descriptive Statistics:
 Quantitative survey data is subjected to descriptive statistical analysis. This involves calculating
measures of central tendency (mean, median, mode) and measures of dispersion (standard deviation, range)
to summarize and describe key features of the data.
 Descriptive statistics provide an overview of participants' responses, highlighting central trends
and variations in perceptions of project cost estimation.
2. Inferential Statistics:
 Inferential statistical techniques, such as hypothesis testing and regression analysis, are
applied to draw inferences about the broader population based on the sample data.
 Inferential statistics help assess the significance of relationships between variables and
identify factors that may influence project cost estimation outcomes.
3 Qualitative Meta-Synthesis of Stakeholder Perspectives:
 A qualitative meta-synthesis is conducted to integrate and interpret findings from
stakeholder interviews. This in-depth analysis involves identifying common themes across diverse
stakeholder perspectives and synthesizing overarching insights.
 The meta-synthesis provides a comprehensive understanding of the collective wisdom and
varied viewpoints shaping project cost estimation practices.
 SUGGESTIONS

 Project Complexity•
 Risk Management:

 Data Quality

 Cultural and Organizational Factors:

 Integration with Project Management Software

 CONCLUSION

In conclusion, project cost estimation is a critical aspect of project management that

plays a pivotal role in ensuring the success and financial viability of a project. The

various techniques available for cost estimation provide project managers with a toolkit

to navigate the complexities of budgeting, resource allocation, and risk management. By

carefully selecting and implementing these techniques, project teams can develop

accurate and realistic cost estimates, leading to better decision-making and project

outcomes.