Analogous estimating is a method used in project management to predict how long a task or project will take, how much it will cost, or how much work it will take by comparing it to similar tasks or projects that have already been done. This method is often used when there isn’t enough information or when it’s not possible to use a more accurate way to estimate.
Here’s what you need to do to use similar estimating:
Identify a similar project: Find a finished project or job that is similar to the one being considered in terms of scope, size, difficulty, and technology.
Gather information: Find out how long, how much, or how much work the similar job took, as well as any assumptions or limits that are important.
Adjust for differences: Change the data to account for any differences between the similar project and the project being estimated, such as changes in technology or outdoor factors.
predict the new project: Use the updated data to predict how long, how much it will cost, or how much work it will take.
Check the estimate. Check the estimate by comparing it to other ways of estimating or by talking to experts in the field.
Analogous budgeting is a way to quickly figure out how much time and money a project will take. But it does have some problems, such as the fact that each project is different and that you need to be able to look at data from similar projects in the past. So, it should be used with other methods of estimating to make sure the estimate is as accurate as possible.
