Part 66: Analogous Estimating
(Project Schedule Management: Estimate Activity Durations)
(Project Cost Management: Estimate Costs)
(Project Resource Management: Estimate Activity Resources)
- Analogous Estimating uses historical data to estimate the duration or cost of an activity
- We take data from projects with similar durations, budgets, sizes, weights, or complexities
- We use the actual duration of previous projects to estimate duration of the current project
- It is considered a “Gross Value” estimating approach
- It can be applied to an entire project or segments of a project
- It’s used when there is limited information about the project
- It’s less expensive, less time consuming, and less accurate than other estimating techniques
- If we don’t store historical process data in our Organizational Process Assets, we won’t be able to use the Analogous Estimating techniques