Formal Project Cost Estimating

This is a research project that will require the use of the library and/or the Internet. The research project should be in the form of a term paper intended to objectively report on the considered use of a formal project cost estimating process with professional estimators on their projects for a well-established, fictitious, large-sized oil drilling company who has recently established a Project Management Office.

The paper should be no more than 5 pages in length, including references – which are required when referencing your sources of information. APA format. A minimum of 5 different sources of information (magazines, periodicals, books, etc…) must be used and referenced to support your statements.

The paper should at a minimum include the following (with clearly marked bold headers for each section below):

1. Overview of a formal project cost estimating process with professional estimators (what is it and how does it work)

2. Advantages from a business and project management perspective – why should this oil drilling company implement a formal project estimating process with professional estimators on all of their projects?

3. Concerns/Issues from a business and project management perspective – what problems might occur if this oil drilling company implements a formal project estimating process with professional estimators on all of their projects?

4. Your recommendation for the oil drilling company – should they implement a formal project estimating process with professional estimators? Why or why not?