Analogous Estimating [Technique]
Analogous estimating is a technique for estimating a variety of project parameters and measures of scale. The project parameters that can be measured include those of project cost, project budget, scope of the project, and expected project duration. The project measures that can be estimated using this technique can range from the size of the project, to the project weight, to the complexity. The estimates are made by comparing the current activity to that of a smaller activity that took place previously and drawing comparisons in proportion to that. It is frequently used to estimate the size of a particular parameter when information as to that particular parameter within the current project is limited or unavailable until a later date. Analogous estimating is typically a form of expert judgment that is most reliable not only when the previous activities are similar to the current activity in fact, and not just in appearance, and also is traditionally most effective when the team members preparing the estimates have the expertise necessary to accurately do so.
This term is defined in the 3rd and the 4th edition of the PMBOK.
Related Posts
- Bottom-up Estimating [Technique]
Bottom-up estimating is an extremely helpful technique in project management as it allows for the ability to get a more refined estimate of a particular component of work. In bottom-up estimating, each task is broken down into smaller components. Then, individual estimates are developed to determine what specifically is needed to meet the requirements of [...]
- Parametric Estimating
Parametric estimating is a technique that is essential for any project management team and or project management team leader to become comfortable with using, as the use of parametric estimating provides an invaluable service in the course of the project. Parametric estimating refers, primarily, to an estimation technique which utilizes the statistical relationship that exists [...]
- Activity Resource Estimating [Process]
Activity resource estimating is a process in which the project team carefully compiles a thorough listing of the resources that will be needed in completing a project. There are six inputs that are to be used in the process of activity resource estimating. Those six inputs are the activity list, the activity attributes, the organizational [...]
- Activity Duration Estimating
Activity duration estimating represents the act of quantifying the amount of time that it is anticipated the activity will take to complete. This phase of the project, that which consists of the estimating of the amount of time needed to complete all individual schedule activities, typically and traditionally takes place before a project is kicked [...]
- Finish Date
The term finish date refers specifically to the date in which the particular schedule activity as part of the overall project is anticipated to be completed. This term finish date is actually an extremely general one in nature, and is typically never used all by itself in terms of project management. But rather, it is [...]