Analogous Estimating Example:
Suppose you're tasked with estimating the duration of a new software development project. You've completed similar projects in the past, and based on your experience:
- Project A, which was similar in scope and complexity, took 6 months to complete.
- Project B, which had comparable features and team size, took 8 months to complete.
Using analogous estimating, you might estimate that the new project will also take around 7 months to complete, assuming it falls somewhere between the durations of Project A and Project B.
Parametric Estimating Example:
Imagine you're estimating the cost of constructing a new office building. You have historical data on construction costs per square foot from previous projects. Based on this data:
- Project X, a 10,000 square foot office building, cost $1,000,000 to construct.
- Project Y, a 15,000 square foot office building, cost $1,500,000 to construct.
Using parametric estimating, you can calculate a cost per square foot:
- Cost per square foot for Project X = $1,000,000 / 10,000 sq ft = $100/sq ft
- Cost per square foot for Project Y = $1,500,000 / 15,000 sq ft = $100/sq ft
The average cost per square foot across both projects is $100. Now, if your new office building is estimated to be 12,000 square feet, you can use the parametric estimate to calculate the total cost:
- Total cost = $100/sq ft * 12,000 sq ft = $1,200,000
So, parametric estimating allows you to make estimates based on a mathematical relationship between project parameters (in this case, square footage) and cost.
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