What is Parametric Estimating?

Parametric Estimating in project management is analogous to determining how long or how much something will take based on the recipe’s instructions. It is a technique for estimating time, cost, or other project aspects using specified criteria or historical data. Instead of guessing based on individual activities, you utilize predefined connections or formulae that link particular project parameters to the amount of time or money required. For example, if you know it takes an hour to paint one wall and you have 10 walls to paint, you estimate it will take around ten hours to complete the painting. It’s a method of making estimates in a project by looking at patterns and prior experiences to forecast how long things would take or how much they might cost.