Analogous estimating is a method used in project management to figure out how much a new project will cost, how long it will take, or what resources it will need by looking at similar projects from the past. It is a top-down method in which an estimate is made based on the knowledge and experience of experts, not on detailed analysis or data.
When there isn’t much information about a new project or when the project is simple enough that the costs or time needed can be easily compared to those of similar past projects, analogous estimating is often used. It is also helpful when you don’t have much time or money but need a quick estimate.
In analogous estimating, you find a previous project that is similar to the new one and use the cost, time, or resource information from that project to make an estimate. The data is then changed to account for any differences between the two projects, such as their size, complexity, or location.
Estimating similar things can be done in a number of ways, such as using historical data from a database, talking to experts in the field, or using averages or benchmarks from the industry. It’s important to remember that analogous estimating isn’t always accurate and should be used with care, since there may be big differences between the new project and the last one that could change the estimate.
Overall, analogous estimating is a good way to get a quick, rough estimate of the cost, time, or resources needed for a new project when it is not possible or practical to do a more detailed analysis.
Usage
It is used in project planning
