By Ray Myers, Jr., PMP Parametric Estimating is an estimating technique that uses a statistical relationship between data and other variables to calculate the estimate. It is simply a mathematical model. The complexity of the model may vary based on the nature of the project or activity to be estimated. For example, you could...
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Parametric Estimating
4 Cost Estimating Techniques
By: Ray Myers, Jr., PMP There are 4 cost estimating techniques discussed in the PMBOK: Expert Judgment Influenced by variables such as labor rates, material costs, inflation, risk factors, etc. Guided by historical information and insights from prior similar projects May be used to determine whether to combine other estimating methods or reconcile differences...
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