Description
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| Analogous Estimating |
Analogous estimating is a great way to quickly get an estimate for a project. This technique uses similar projects that have been completed in the past to estimate the current project.
This is a common technique used in project management and is often used in conjunction with other estimation techniques. This technique can be applied to any type of project but is most commonly used for projects that are similar to ones that have been completed in the past. For example, if you are estimating the cost of a new building, you would look at similar buildings that have been built in the past.
The main advantage of analogous estimating is that it is quick and easy to do. This makes it ideal for situations where time is tight and you need to get an estimate quickly. It also has the advantage of being relatively accurate, as long as the projects you are looking at are similar enough to the ones you are trying to estimate.
One of the disadvantages of this technique is that it can be difficult to find enough similar projects to use as a basis for your estimate. This can make it less reliable than other estimation techniques. Another potential problem is that people can be biased when using this technique, depending on their personal experiences with similar projects.
Despite these potential drawbacks, analogous estimating can be a useful tool in your estimation arsenal. When used correctly, it can provide you with a quick and reasonably accurate estimate for your project.
It is a quick estimate of resources, duration, and cost based on historical data.
It is an independently-used project management tool.
Where it is Used
Process Groups
This tool is used in the following Process Group(s) during the project management.
Planning
Knowledge Areas
This tool is used in the following Knowledge Areas during project management.
Project Cost Mgmt.
Project Resource Mgmt.
Project Schedule Mgmt.
Activities
This technique is used while performing the following project management activities by the project manager and the team.
Estimate Costs
Estimate Activity Resources
Estimate Activity Durations
Process Group | Knowledge Area | Activity |
Planning | Project Cost Mgmt. | Estimate Costs |
Project Resource Mgmt. | Estimate Activity Resources | |
Project Schedule Mgmt. | Estimate Activity Durations |
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