I'm not sure you practice it moreso than you apply it when it is appropriate. We all practice parametric estimating at various points in our life. If you get a quote for a contractor to build 10 meters of fence, at $100 per meter (including materials), and you calculate that 10 meters x $100 = $1,000, then you just practiced parametric estimating. If that same contractor quotes 1 day of time to install 1 meter of fence, and you calculate it will take 10 days to complete 10 meters of fence, you practiced parametric estimating again.
Some questions to ask before the use of parametric estimating: What do you need to estimate, when does it have to be estimated by, how accurate does it need to be, what sources (ie. experts, historical information, market prices, quotes) do you have for estimating, what risk tolerances exist in the organization, what reserves will you apply etc. These will effect whether you will use parametric estimating or not, and if so, to what extent.
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1 reply by Tam Nguyen
Jun 29, 2017 6:26 PM
Tam Nguyen
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thank a lot. Now I am clear
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Deepesh RammoorthyICT Project Manager ( PMP®AgilePM®Certified ScrumMaster® (CSM®))| Australian Red Cross Blood ServiceTarneit, Vic, Australia
Tam might i ask you to join this linkedIN group ?
This is a group of us wanting to give our PMP exam in the near future . All your questions will get answers
I'm not sure you practice it moreso than you apply it when it is appropriate. We all practice parametric estimating at various points in our life. If you get a quote for a contractor to build 10 meters of fence, at $100 per meter (including materials), and you calculate that 10 meters x $100 = $1,000, then you just practiced parametric estimating. If that same contractor quotes 1 day of time to install 1 meter of fence, and you calculate it will take 10 days to complete 10 meters of fence, you practiced parametric estimating again.
Some questions to ask before the use of parametric estimating: What do you need to estimate, when does it have to be estimated by, how accurate does it need to be, what sources (ie. experts, historical information, market prices, quotes) do you have for estimating, what risk tolerances exist in the organization, what reserves will you apply etc. These will effect whether you will use parametric estimating or not, and if so, to what extent.
