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Preparing analogous and parametric estimates, part one

Preparing analogous and parametric estimates, part one

From the course: PMI Certified Associate in Project Management (CAPM)® Cert Prep

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Preparing analogous and parametric estimates, part one

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- Now I'm going to show you actually how we do an estimate. We've put it all into context. Let's actually now make some estimates. The first kind of estimate we're going to do is called analogous. What this means is we use data from similar projects that have been done in the past to determine duration, cost, and resources for the new project. Again, an analogous estimate can estimate the cost, the schedule, the resource. Anything we need for the project, we can do analogously, all right? Now the emphasis is on similarity. So over there we've got this nice deck on a house, and we go by this one day and we say, wow, that's kind of nice. And you say, I think I'd like one of those on my house. And you ask, you knock politely on the door, or maybe it's your friend and you say, how much did that cost? And they say, we got this for this number of dollars. And you say, yeah, mine's about the same size. Yep, I like the quality…

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