• Uses Historical Judgment or Expert Advice • Eg: Last 2 AR Mobile projects took around 4 months, so Somnath AR should take 4 months. amzn_assoc_linkid = "1e482a7c212c4723ab0c26bd85605a26"; Consider that a well supported data-driven estimate utilizes verifiable including inflation, etc.) Let us first take up the difference between analogous … Analogous estimating uses historical data from similar projects as a basis for the cost estimate. Cons: not so accurate as other project estimates (but more accurate that analogous one). If it was though guess without having any knowledge, its ROM….that simple. Because she wants to do her best, she has decided to take each step slowly and look at all of her options before proceeding. system physical or performance Bottom-up estimating is used with any of the above analogous or parametric estimates on where we estimate individual tasks and add all to get project estimates. 2. Analogous Estimation is not accurate, but why still we use it? 3-point estimate. Only we use historical data on the same project. Parametric Estimation is where we use Estimation at the parameter level. You pick up schedules for the last five projects and then you create a schedule for the latest one based on your expert judgment. Analogous Estimating versus Parametric Estimating. The paper describes an automated environment known as ANGEL that supports the collection, storage and identification of the most analogous projects in order to estimate the effort for a new project. Brainstorming works by getting a group to focus on a problem and then coming up with as many solutions as possible. Analogous Estimating. Analogous Estimating. Thank you, that’s pretty simple. technique which uses the values of parameters from historical data as the basis for estimating similar parameter for a future activity 2-EXPERT JUDGEMENT. Expert Judgment is a technique in which judgment is provided based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area, application area, or product area, a particular discipline, an industry, etc. The method ‘Expert Judgement’ has a lot of positive outcomes when used properly at the planning phases in Project Management. Analogous Estimating and Parametric Estimating were quite confusing to me. There are 10 Knowledge Areas identified in the PMBOK® Guide. 3. In real-world project management and the PMP® Exam, estimation usually involves two distinct types of methods: Analogous Estimating and Parametric Estimating. 2. Hint: Free PMP Mock Exam Questions w/w Benchmark, PM PrepCast Review – Online PMP Course + 35 PMP Contact Hours, PMI-ACP Study Notes: Domain I Agile Principles and Mindset, PMP Exam Simulator 2021 Coupon Code / Gift Certificate, Updated PM PrepCast Coupon Code / Discount Gift Certificate, [Cyber Monday 2020] Agile PrepCast Discount Coupon Code, [Black Friday 2020] $50 Off PMP Exam Simulator 2021 / 2020 Coupon Code, PMP Exam Simulator 2021: Special Launch Discount Offer, the fastest and easiest estimation method to give a rough estimation, requires a combination of historical information and expert judgment (the information from past projects can be adjusted with consideration of the special circumstances of the current project, e.g. amzn_assoc_marketplace = "amazon"; If you use math then it is parametric. Previous productivity rates to estimate the duration and to calculate human resources and the cost. We want to calculate how much concrete is required to build a house. It is quick and cost-saving as we use only expert judgment in it, and no team buy-in is required. Here we try to find out ANALOGY among the activity which needs to be estimated and some activity done in past. 13. Not only it saves time for planning and estimating projects, but also it highlights risks that can have an impact towards the project outcomes, hence coming up with a risk response plan will become much easier for the project management team. 3. Analogous estimating versus parametric estimating, (May 2017), Sourced from - estimating-vs-parametric-estimating-pmp-concept-4 However, if the first one hour was spent transporting my tractor and preparing it to mow, the estimate would need to be scaled appropriately: 1 hour for transporting and then four hours to mow, for a total of five hours. Expert Judgment can be provided by a member or multiple members of the project management team. This only works if you analyze the same kind of projects, but if you don’t have previous data, this technique is not applicable. This only works if you analyze the same kind of projects, but if you don’t have previous data, this technique is not applicable. Two estimating techniques that may appear on the PMP, CAPM, PMI-SP, and PMI-RMP exams are analogous estimating and parametric estimating. Expert Judgment. It assumes that where broad similarities can be established with a previous project then it is possible to make assumptions about the cost, effort etc needed to deliver the new work. Analogous Estimating, is one form of expert judgment and it also known as Top-down Estimating. 2. Bottom-up estimating 5. Analogous and parametric estimating techniques are most commonly used methods. You literally nailed it by defining it in a mathematical approach. Known differences between the projects could be adjusted for the estimate. The estimation can be done using different techniques like analogous, parametric, three point estimation, expert judgement etc. Analogous estimating is used where there is limited information about the project. It is helpful for the initial screening of projects to be evaluated. Expert Judgment: Expert judgment can be used by using historical information to give duration estimates from similar projects. Cost estimation and duration estimation are the most significant areas. This technique can take into account unique factors specific to the project. Estimate the details for activities in the current iteration or increment and provide an analogous estimate for the entire scope of work. Uses history as a basis for estimating. amzn_assoc_placement = "adunit0"; By following these steps…, What does PMP stand for? Sue puts down the estimate by copying directly from the actual cost of the product found from project documents. Because the company is on a tight budget and an even tighter time frame, Samantha needs to make sure that she carefully estimates the cost and time it will take for the project to be competed. Analogous estimating: Uses a measure from a previous similar project to estimate the duration or cost of the current project in a top-down approach. amzn_assoc_emphasize_categories = "1000"; Edward Chung aspires to become a full-stack web developer and project manager. So Analogous estimation can be taken as an expert judgment used for similar projects basis historical data which helps in taking initial decision fast. Expert judgment uses the experience and knowledge of experts to estimate the cost of the project. Primavera P6 Download & Install | Free & Legal Copy, Most simple technique without any hectic calculations, Works best if only a few details are available. Analogous estimating. Expert Judgment is a technique in which judgment is provided based upon a specific set of criteria and/or expertise that has been acquired in a specific knowledge area, application area, or product area, a particular discipline, an industry, etc. Cost Estimating Rationale, Expert Judgement, Analogy based cost estimating, Cost Estimating Knowledge, Inference Modelling. It is quite easy to understand this practical stuff. Thank you for this write-up. Expert judgement is far from hostile to the statistically based analytical approach to the estimating problem, and the estimators we spoke to seemed to appreciate how a careful analysis of previous projects could help them. In this article, we will discuss 5 cost estimation methods in project management. 6. We respect your privacy. In analogous estimation, we refer to ACTUALS of similar kind activity which was done in past i.e. Most simple technique without any hectic calculations Most Likely Estimate (Em): The estimate when everything goes as normal, Pessimistic Estimate (Ep): The estimate when everything goes (almost) wrong, Optimistic Estimate (Eo): The estimate when everything goes (almost) smoother than expected, risks and uncertainty are taken into accounts, more accurate than  Analogous Estimating and Parametric Estimating. Nice and concise comparison. 3. Required fields are marked *. Parametric Estimating is employed here since we have the data to know the “unit duration” for the exam project (but beware that the length and difficulty of each individual Knowledge Area for the PMP® Exam is different from the others, the actual time spent on each Knowledge Area would be quite different in my experience). Vendor bid analysis Outputs 1. A Brief On Analogous Estimating Definition. It can also used to reconcile different estimating methods. You can observe how a process for cost estimation for a project goes through different phases. It is just like an expert judgment. All the project scope …, Project management is how you apply the knowledge, skills, tools, and techniques to get the project management …, A Gantt chart is also known as bar chart represents a project plan by making each task into a bar and …, Planning Engineer is considered the right-hand of a Project Manager as he floats the information about project…, Dr. Bruce W. Tuckman, a psychologist published a theory in 1965 called ‘Tuckman’s Stages of …, Difference between Analogous and Parametric Estimation, Flow Chart for Cost Estimation Techniques. Two estimating techniques that may appear on the PMP, CAPM, PMI-SP, and PMI-RMP exams are analogous estimating and parametric estimating. 1-ANALOGOUS ESTIMATING. I agree that expert judgment is ubiquitous, but it is not a panacea, nor does it necessarily improve estimation. Three-point estimates 6. 66% are considered to have failed Of those that do complete, the average cost over-run is 43%. Analogous Estimating: the estimation is made by simply taking the values from past projects/activities with similar scope to the current projects/activities (somewhat like making an analogy) 1. the fastest and easiest estimation method to give a rough estimation 2. requires a combination of historical information and expert judgment (the information from past projects can be adjusted with consideration of the special circumstances of the current project, e.g. Reserve analysis. Too often Project Managers are faced with poor estimates due to incorrect usage of the estimating process. Cost Estimation. Expert Judgment: Experts in construction have a wealth of knowledge and can be a source of highly accurate information. Actually in some respects, it is a systematic form of expert judgment since experts often search for analogous situations so as to inform their opinion. Parametric estimating 4. Analogous estimation is base on information from historical data from previous projects for similar tasks or deliverable. Choosing the most suitable technique depends on the availability of project information. As a thumb rule, the major difference between Analogous and Parametric Estimation is mathematical operations. Analogous Estimating: Uses a measure from a previous similar project to estimate the duration or cost of the current project in a top-down approach. For this, we need to know how much total unit meter the area is? Maths belongs to Parametric , Your email address will not be published. In this article, the use of Expert Judgement (EJ) is examined with respect to generating cost estimates. 15% of software projects are terminated before they produce anything 2. It can have any range e.g. Parametric Estimating. (1) expert judgment: menggunakan penilaian dari ahli dibidang tsb untuk menentukan biaya. Analogous Estimating Vs Parametric Estimating always confused me on many occasions but I guess this mathematical technique is the best to distinguish between these. PMP, CAPM, and other project management related certifications are always having some portion reserve for estimation techniques. Thanks! Let us first take up the difference between analogous estimation and parametric estimation. Estimating by analogy is relatively straightforward. Group Decision Making Techniques. Analogous estimating: Uses a measure from a previous similar project to estimate the duration or cost of the current project in a top-down approach. Your email address will not be published. As the name suggests, this is when you make an analogy to the same, or similar, task that has been performed before. 5. All rights reserved. Expertise should be considered from individuals or groups with specialized knowledge or training in team and physical resource planning … So Analogous estimation can be taken as an expert judgment used for similar projects basis historical data which helps in taking initial decision fast. In that case, both expert judgment and analogous estimation techniques will suit your project well. As you have done similar type of project in past so basis your expertise in that, you are able to give the cost estimate. The expert judgment, along with the historical data, assists a great deal in cost estimation. Analogous estimating is a top-down estimation technique for estimating the cost, resources and durations of projects (according to PMBOK, 6 th edition, ch. This is the best source of information you have because actual work completed is extremely reliable even if it needs adjustments. According to the Standish Group CHAOS report of 2003: 1. If you find this post helpful and if you are thinking of buying from Amazon, please support the running cost of this website at no extra cost to you by searching and buying through the search box below. As a project manager one of the most important thoughts at project start-up is the reliability of the estimates. Expert judgment: Expert judgment can be used by using historical information to give duration estimates from similar projects. Privacy Policy: This website does not collect any personally identifying information. Analogous estimating 3. Now we will discuss each tool in detail. 1 in 10 project management practitioners do not use written guidance for eliciting expert judgment, and failure to use a structured process is known to result in judgmental biases and flawed estimates. Analogous estimation is base on information from historical data from previous projects for similar tasks or deliverable. This process uses almost the same tools as expert judgment, analogous estimating, three-point estimating as in the estimate activity duration process. Analogous estimating versus parametric estimating, (May 2017), Sourced from - estimating-vs-parametric-estimating-pmp-concept-4 However, if the first one hour was spent transporting my tractor and preparing it to mow, the estimate would need to be scaled appropriately: 1 hour for transporting and then four hours to mow, for a total of five hours. The steps using estimating by analogy are: Characterizing the proposed project. We want to calculate how much concrete is required to build a house. The day ROM would have any fix range, it would become Expert judgment or Analogous estimating. hats off to your effort. 3. Expert judgment uses the experience and knowledge of experts to estimate the cost of the project. This page has a sample question with numbered options but the solution is a letter. amzn_assoc_enable_interest_ads = "true"; Required fields are marked *, To download and install Primavera P6 was never that easy as nowadays. Though both Analogous Estimating vs Parametric Estimating is based on the historical information from the organization/industry to estimate cost/duration of the project/activity, there are some very noted differences between them: In addition to the two types of estimation methods detailed above, the PMBOK® Guide has also mentioned two other estimation methods: For the exam prep project, before the actual preparation, Aspirants are highly advised to make a project plan for their exam studies by detailing the scope and estimated timeframe. Analogous Estimation. The cost estimate is based on historical data from similar projects. Estimating relies on the expertise of those who have performed the work in the past. For example, a master HVAC contractor has the expertise and experience to look at a building plan and estimate costs within a range. It is similar to analogous estimation, but is used not only for the top-down estimate, but for the detailed tasks as well. ), however, the estimation is least reliable as no two projects are identical, used in cases where there are only limited amounts of available information early in the project, by first identifying the unit cost/duration from the past projects/activities and scale the estimation to the required number of units for the current project/activity, used only when a statistical relationship between historical data and current work can be established; often have limited use as the nature/details of the current project/activity may differ significantly from previous ones and thus makes parametric estimating not feasible. Expert judgment, analogous estimation, three-point estimation, parametric estimation, and bottom-up estimation are the techniques used in this process. All Rights Reserved. Thank you very much for your help! Parametric Estimating: this estimating process is based on data. Expert Judgement. This technique is used to determine the duration of the project. You will also get to know about the difference between Analogous and parametric estimation. Work Breakdown Structure is simply a tool that breaks the work down into a structure. January 18, 2018. ... An analogous estimate is also called top-down because it starts with a total cost. A company can also use the expert opinion to decide on whether or not to use more than one cost estimation method, and, if yes, then which ones. Three Point Estimates. 3. Ada beberapa teknik yang bisa dikombinasi spt teknik expert judgment dengan teknik analogous estimating, dsb. Expert Judgement. There are several techniques for estimations for a project like. Both techniques are mainly used for the cost and duration of any project through historical/previous data. You are here as you just have heard about PMP, or you know a little already but have some …. There are two ways to create parametric estimates that is Regression Analysis and Learning Curve. amzn_assoc_tracking_id = "althwe-20"; Analogous Estimating. expert judgment for "adjustment factors" C.2. 1. When the Project Manager is in the planning process group, most of his/her time will be used up in estimating resources, time required to complete the project, the cost, risk planning, procurement planning, etc. Samantha is very nervous as she has never been in charge before. Historical data. Accuracy: higher than analogous. Expert Judgement ; Analogous Estimating; Parametric Estimating; Bottom-up Estimating; Three-point Estimating; Data Analysis (Alternative analysis/Reserve analysis) Project Management Information system; Decision making (voting) 1) Expert Judgement Method. +/-25%, +/-50%, +/-75%, +/-100%, +/-500% etc . Reserve analysis 7. In Expert Judgment in Project Management: Narrowing the Theory-Practice Gap, Paul S. Szwed provides research that will help project managers become more adept at using expert judgment effectively. 2. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. What tools and techniques are used in Parametric Estimation? As the name suggests, this is when you make an analogy to the same, or similar, task that has been performed before. Expert judgment 2. While parameter estimation is more accurate estimation techniques compared to analogous estimation as here we take parameter value to do estimates like cost or duration basis per unit cost/duration. Expert Judgement. You will find definitions, detailed description, and examples of these techniques in this post. Historic estimates require prior project records, whether maintained formally in a project repository or informally in individual project documentation. Expert Judgment: Expert judgment can be used by using historical information to give duration estimates from similar projects. "ITIL" and "PRINCE2" are registered trademarks of the AXELOS Limited. last edited by: Keith Emery on Apr 7, 2017 7:10 PM: login/register to edit this page: Keywords: Estimating: Contents 1 Overview 2 Application 3 Visual representation, Example 4 Other Estimating Techniques 5 References : Overview . Project estimation is the most fundamental aspect of Project Management (PM). Project Quality Management: Common Cause vs Special Cause for PMP Exam, 6 FREE PDU for Attending PMI Talent & Technology Symposium 2019 (12June), Tips and Tricks for Managing Time During PMP Exam, PMP Certification Study Notes 10 – Project Communications Management, How to Know if You Are Ready for the PMP Exam ? Expert Judgment; Analogous Estimating. So the more historical information the organization has the easier it is to find a comparable task/deliverable. Here, we do unit wise calculations of cost, duration, man-hours, etc. It can also used to reconcile different estimating methods. Your email address will not be published. The author explores the use of expertise in several sectors, including engineering, environmental management, medicine, political science, and space exploration. This one of the project management estimating techniques has another name – Project Evaluation and Review Technique, or PERT for short (now you don’t need to ask everyone what are PERT charts). Therefore, it is a common technique during the selection or initiation of projects. Here in this blog, we will look at Analogous and Parametric Estimation as these two are the most confusing at the exam. Cost Estimating Techniques 10 (Expert Judgment, Analogous, Parametric, Bottom -Up , Three-Point, Reserve Analysis, CoQ, Project Management Software, Vendor Bid Analysis, Group Decision-Making) 4 (Analogy, Parametric, Engineering Build-Up, Extrapolation from Actuals) Number & Names of Subordinate Cost Estimating Techniques None One (Expert Opinion) We've discussed a few project estimation techniques that you can begin implementing with your team right away. No calculations. Actually in some respects, it is a systematic form of expert judgment since experts often search for analogous situations so as to inform their opinion. Analogous Estimating / Top Down Estimating – A PMP Definition By Sivaraj Dhanasekaran. Measures of scale examples − Size, weight, and complexity. You have to think this way….How was estimation being arrived? It’s a time taking one as you need to calculate unit wise. Once the session has resulted in a number of solutions, the results can be analyzed. Your email address will not be published. The steps using estimating by analogy are: Characterizing the proposed project. including inflation, etc. Analogous estimating is typically a form of expert judgment that is most reliable not only when the previous activities are similar to the current activity in fact, and not just in appearance, and also is traditionally most effective when the team members preparing the estimates have the expertise necessary to accurately do so. Only we use historical data on the same project. Read More:  Primavera P6 Download & Install | Free & Legal Copy. Estimating by analogy is relatively straightforward. Analogous estimating needs to include expert judgement in order to establish reusability of the data. PMBOK Guide. Accuracy is a question unless you have a history of the same project. "PMP", "PMBOK", "PMI-ACP" and "PMI" are registered trademarks of the Project Management Institute, Inc. All rights reserved. Accurate, but is used not only for the technical error which has been.... Cost, and complexity data-driven estimate utilizes verifiable analogous estimating / Top down –... Those who have knowledge of experts to estimate the details for activities in the management! Of knowledge and can be taken as an expert judgment: expert judgment experts. Uses historical data CHAOS report of 2003: 1 the CAPM® certification exam in the early project phases is! Wise costing resulting in a time-consuming activity techniques are mainly used for projects. Estimations for a project repository or informally in individual project documentation give duration estimates similar... Or deliverable based on a project with a total cost duration estimates from similar projects in initial! Whether maintained formally in a project repository or informally in individual project.. Entire scope of work assists a great deal in cost estimation for a project with a cost... ( PM ) basis for estimating the duration and to calculate unit wise ubiquitous, it... A time taking one as you just have heard about PMP, CAPM, and no team is! With specialized education, knowledge, its ROM….that simple because actual work completed is extremely reliable even it... A total cost | Free & Legal Copy are always having some portion reserve for estimation techniques confused!, even if it requires adjustments from a similar product 2 years ago only expert judgment uses the and! These two are the most fundamental aspect of project management and the PMP® exam, estimation usually two! The proposed project mathematical point is worthy and easy to understand this stuff. Because it starts with a total cost generating cost estimates expertise may be provided by any or... Which needs to include expert judgement is used not only for the last five projects then! Of methods: analogous estimating Vs parametric estimating tasks as well, the results be! Base on information from analogous estimating vs expert judgement data which helps in taking initial decision fast at a building plan estimate... From project documents differences of the most suitable technique depends on the and! Analogy based cost estimating, is one form of expert judgment or from past projects experience... In parametric, three point estimation, but it is not accurate, but why still we use historical from! Then coming up with as many solutions as possible you have because work... Estimates are done based on an expert judgment uses the experience and here... Comparable task/deliverable that ’ s a time taking one as you just have about. Simply a tool that breaks the work down into a Structure projects could be for... Type of estimation as the basis for estimating the cost of the product found from project documents information you to! The related field and experience in estimating activity duration become expert judgment can be done different... To calculate human resources and the PMP® exam, estimation usually involves two distinct types of:. Used by using historical information to give duration estimates from similar projects basis historical data on the other hand needs... The risk of analogous estimation is mathematical operations work down into a.... Productivity rates to estimate the cost estimate have knowledge of the product from! Techniques are most commonly used methods based cost estimating knowledge, Inference Modelling but why still we use analogous estimating vs expert judgement judgment. Little information for the estimate by copying directly from the actual cost of a previous, similar as! The current iteration or increment and provide an analogous estimate for the entire scope of work affected.!, +/-50 %, +/-100 %, +/-100 %, +/-500 %.... ) is examined with respect to generating cost estimates her company 's next project in... 2003: 1 informally in individual project documentation be a source of highly accurate information information historical! Two distinct types of methods: analogous estimating is based on an expert judgment used for similar projects historical. Much total unit meter the area is what does PMP stand analogous estimating vs expert judgement also get to know about the project total! The related field and experience to look at analogous and parametric estimating a schedule for the five. Much total unit meter the area is the expertise of those that do complete, the major between! Discuss 5 cost estimation never that easy as nowadays contractor has the easier it is not panacea... Measures of scale examples − Size, weight, and PMI-RMP exams are analogous estimating and parametric estimating this! Properly at the parameter level results can be used by using historical information the organization are the most significant.... Become expert judgment: expert judgment, along with the historical data from previous projects for similar projects basis data... Tool that breaks the work in the current project in a project repository or informally in individual project.. Brainstorming works by getting a group to focus on a project goes through phases... Cons: not so accurate as other project management team calculations and hence time... Formally in a mathematical approach it requires adjustments one ) would have any fix range it. While applying this method a mathematical approach it ’ s a time taking one as you have. A current project will take or cost of the current iteration or increment and provide an analogous is. Is to find a comparable task/deliverable analogy among the activity which was done in past discussed few. Generally used in the past with a total of 300 hours of preparation not be.... Of cost, and other project management ( PM ) are registered of. Parameter level a little already but have some … estimation usually involves two distinct types of:! That expert judgment uses the experience and knowledge of experts to estimate the cost of an activity or project create! Specialized education, knowledge, skill, experience, or you know little. Estimate how long or how much a current project will take or cost of the project also used to different... Certification experience and knowledge of the project: experts in construction have a of! Helpful for the project and differences of the same project experts to estimate how long or how a... Quite often recommended as analogous estimating vs expert judgement among the activity which needs to be evaluated applying this method, can. Rom….That simple the organization has the easier it is a technique that centers comparison! A question unless you have taken the CAPM® certification exam in the project management processes confusing to me while!: Primavera P6 was never that easy as nowadays management ( PM ) rule the., it would become expert judgment can be taken as an expert judgment: expert judgment person... Needs to be evaluated estimating / Top down estimating – a PMP Definition by Sivaraj Dhanasekaran years ago,! Construction have a wealth of knowledge and can be taken as an expert.. Estimates that is Regression Analysis and Learning Curve hand, needs unit calculations! The expert judgment: expert judgment can be a source of information because actual work completed extremely! Or multiple members of the two kinds of estimation is not a panacea nor. Then coming up with as many solutions as possible and duration analogous estimating vs expert judgement any project through historical/previous data estimate... Project Managers are faced with poor estimates due to incorrect usage of the management... The steps using estimating by analogy are: Characterizing the proposed project centers on comparison according to project. Session has resulted in a mathematical approach used properly at the parameter.. Judgement, analogy based cost estimating, is one form of expert judgment can be internal or external to project! The more historical information to give duration estimates from similar projects any group or person with education... Consider that a well supported data-driven estimate utilizes verifiable analogous estimating extremely reliable, even if it though! About PMP, or training from project documents found out that she be. For similar tasks or deliverable for activities in the current iteration or increment and an. The lost dollar value for USA projects in 2002 was estimate… analogous estimating this! Past i.e quite often recommended as one among the activity which needs to include expert judgement, based... And knowledge of the two kinds of estimation is the reliability of the estimating.... Estimates due to incorrect usage analogous estimating vs expert judgement the current project will take or cost but you should careful. Project information estimates that is Regression Analysis and Learning Curve Rationale, judgement. Judgment in it, and other project management team ITIL '' and `` PRINCE2 are! In past Limited information about the project management related certifications are always having some portion reserve for estimation techniques may... Where there is Limited information about the difference between analogous and parametric estimating: this does. Are marked *, to Download and Install Primavera P6 was never that easy as.., +/-75 %, +/-100 %, +/-75 %, +/-50 %, +/-100 %, +/-500 %.. Is to find out analogy among the activity which was done in past to focus a... Are pursuing these certification exams to achieve exam success a process for cost estimation for a goes! Different phases the solution is a technique that centers on comparison that she will in. And hence is considered more accurate that analogous one ) cost-saving as use. Certification exams to achieve exam success required resulting in a project goes through different phases judgement etc costing in..., you need to have high-level historical data of cost, and other project estimates are based. Over-Run is 43 % unit wise costing resulting in a mathematical approach analogous... Multiple members of the related field and experience in estimating activity duration Install Primavera Download!