Standardize Global Estimating Practice

Rationale for the study:
As capital projects are typically characterized by significant investment (cash) outlays, and funding a common constraint, a portfolio view is taken to invest in those developments which are identified as priority relative to the current business objectives. Projects are evaluated based on their commercial viability/profitability, and occasionally, their strategic value. Those which have been hi-graded, relative to their peers within the portfolio, are ultimately sanctioned.
Cost estimating plays a fundamental role in the creation of the capital estimates which support a project’s economic evaluation and serve as one of the key 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 company to company and people to people, hence a universal methodology to be applied across businesses in development of Estimates across industries which are easy to be compared and benchmarked. 

Research Question:
How do we standardize Global Estimating Practise?