Difference between revisions of "ANLY482 AY2017-18T2 Group18/Project Overview"

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*When there are new project opportunities for the provision of cleaning and maintenance services, clients will put up a tender for cleaning companies (such as LS 2) to bid and tender. Figure 2 illustrates the tender process that LS 2 undergo. The project will ultimately be awarded to a winning tenderer, and is based on several criteria such as, but not limited to, the company’s experience in the industry, their management expertise, past service experience with the company as well as the bid amount placed. LS 2 has built its positive reputation through their engagement with a wide range of clientele and their over 20 years of expertise in the industry. Their continuous efforts to differentiate itself from its competitors can be shown through being accorded the certification of Quality Management Systems (ISO 9001) by Guardian Independent Certification Ltd under United Kingdom Accreditation Service and the bizSAFE STAR certification by Singapore Workplace Safety and Health Council. With this impressive track record, LS 2’s main focus during the tender process is placing a competitive yet profitable bid to win the contract.  
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Knowing the high level of importance of cost estimation in LS 2’s present business model, the team aims to develop a more structured and reliable cost estimation model based on past data. From a business point of view, we are keen to find out what are the key drivers of cost incurred for each project site type. Through this, we hope to assist the client in the decision to bid for a project site after they obtain details regarding it. Following are our analytical objectives in detail.
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*To understand expense patterns
  
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*Before deciding on the bid amount, budget cost is estimated by filling up the cost estimation sheet. With the estimated cost, management will add in the margin they wish to gain and submit their bid. Once the contract is officially signed, the bid amount, also known as their revenue, is fixed and LS2 must bear all expenses incurred during the contract period. If the bid amount is placed too high, LS 2 stands a low chance of winning the contract. On the other hand, if the bid amount is placed too low, LS 2 will make a low profit with slim margin. In the worse-case scenario, the project might make a loss due to inaccurate cost forecasting at the beginning. Hence, the cost estimation is crucial in the tender process for LS 2, as it is directly linked to the profitability of the company.
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*To identify key attributes of project sites
  
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*Currently, the cost estimation sheet is filled in solely based on experience by the Group Executive Director. Referring to key figures provided in the Tender Document, as well as from the site visit during the Information Session, he exercises his professional judgement when estimating the quantity of materials, chemicals, equipment and manpower required. However, LS 2 has realized that they have been making lower-than-expected profits and even losses in certain projects in recent years. They wish to revise their cost estimation process i) to increase profit, ii) to avoid bidding for loss-making projects and iii) to utilize that as their budget forecasting tool for procurement.
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*To discover relationship between project site characteristics and expenses incurred
  
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*To introduce a cost estimation model that can complement the management in deciding the bid amount
 
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Latest revision as of 20:57, 12 April 2018

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Home About Us Project Overview Project Findings Project Management Documentation ANLY482 Homepage

 


Our Motivation

Jonathan: Currently, big data is the most happening thing in the market. Its application varies form profiling customer based on what they buy to using it to solve crimes. As someone who is intending to pursue a career path in this field, this project will no doubt be very useful to me as I will be able to apply what I have learnt so far in a real-world scenario. This will provide me with insights on how through the analysis of past data, I am able to influence a company’s current and future performance.

Soma: I am excited that the analytics practicum gives me the opportunity to put into practice analytical methods and techniques that I have learnt and concurrently studying, to a real-world business. Such supervised practical application will provide me with a first-hand experience on the increasing use of data analytics to discover business issues and to drive business strategy in an organisation. Since I have a strong inclination towards pursuing a career path related to this field, I want to understand the field of application for data analytics in helping companies solve real world challenges.

Yea Ram: After I have decided on talking up the Data Analytics second major, the past two years of taking related modules and seeing the needs of the skills that I learnt through them in the industry during my internship have been an amazing journey. As I am about to embark on a career related to Data Analytics upon graduation, I am beyond excited to have a sneak preview of my future work with my trusted friends and under the guidance of the school. I wanted to take Analytics Practicum in my last semester as this is a tremendous learning opportunity for me to recap and apply all that I have learnt in both my Accounting and Data Analytics modules. I am ready to make mistakes, listen to advice and to learn from them ultimately.


Project Objectives

Knowing the high level of importance of cost estimation in LS 2’s present business model, the team aims to develop a more structured and reliable cost estimation model based on past data. From a business point of view, we are keen to find out what are the key drivers of cost incurred for each project site type. Through this, we hope to assist the client in the decision to bid for a project site after they obtain details regarding it. Following are our analytical objectives in detail.

  • To understand expense patterns
  • To identify key attributes of project sites
  • To discover relationship between project site characteristics and expenses incurred
  • To introduce a cost estimation model that can complement the management in deciding the bid amount

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