Part 68: Parametric Estimating
(Project Schedule Management: Estimate Activity Durations)
(Project Cost Management: Estimate Costs)
(Project Resource Management: Estimate Activity Resources)
- Parametric Estimating is a technique that uses an equation to calculate costs and durations based on historical data and project parameters
- Uses statistical relations between historical data and other variables to estimate cost, budget, and duration
- Duration is determined by multiplying Quantity of Work x Labor Hours per Unit of Work
- Accuracy depends on data and sophistication of the model itself
- Can be applied to an entire project or phases
- For example, we can install 100 square feet of grass per hour. We have 10,000 square feet of grass to install. We can calculate that it will take 100 hours to install the grass.