Analogous estimating work
Andrea is the project manager and working on project estimates. She is working in a technique, in that, estimation of a similar project which was done before was used as a reference. This estimation will work if the team and the activities in the previous project are the same. This technique is used to estimate the schedule or budget from the previously done project. It is used when very less information is available for estimation for the current project. It uses the parameters from the previous project such as cost, duration, complexity, size of the project as a basis of estimate the activity durations. Analogous estimating can also be called?
A. Top-down estimation.
B. Bottom-up estimation.
C. Parametric estimation.
D. 3 point estimation.
Answer: Option A is correct.
Analogous estimating can be called as top-down estimation.
Analogous estimating:
It is known as top-down estimation. In this type of estimation a similar project which was done before is used as a reference. This estimation will work if the team and the activities in the previous project are the same. This technique is used to estimate the schedule or budget from the previously done project. It is used when very little information is available for estimation for the current project. It uses the parameters from previous projects such as cost, duration, complexity, size of the project as a basis of estimating the activity durations. Since it takes data from previous projects it is less costly and less time consuming, but also less accurate.