Part 66: Analogous Estimating

//Part 66: Analogous Estimating
Part 66: Analogous Estimating2022-08-21T04:01:23+00:00

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