What tool or technique uses an algorithm or statistical relationship between historical data and other variables to calculate an activity's needed resource quantities?

The correct answer is C. Parametric estimating. Parametric estimating uses statistical algorithms or mathematical relationships between historical data and one or more project variables (e.g., cost per line of code, cost per square foot, hours per unit) to calculate resource or cost estimates for an activity. This is what…

Predictive, Plan-Based Methodologies

Question

What tool or technique uses an algorithm or statistical relationship between historical data and other variables to calculate an activity's needed resource quantities?

Options

AExpert judgment
BBottom-up estimating
CParametric estimating
DAnalogous estimating

How the community answered

(33 responses)

A
6% (2)
B
3% (1)
C
88% (29)
D
3% (1)

Explanation

Parametric estimating uses statistical algorithms or mathematical relationships between historical data and one or more project variables (e.g., cost per line of code, cost per square foot, hours per unit) to calculate resource or cost estimates for an activity. This is what distinguishes it from analogous estimating. Analogous estimating (D) uses expert judgment about similar past projects as a whole. Bottom-up estimating (B) builds estimates from detailed work package level. Expert judgment (A) relies on the knowledge of experienced individuals, not statistical models.

Topics

#Estimating#Parametric Estimating#Resource Estimating#Planning Tools

Community Discussion

No community discussion yet for this question.

Full CAPM Practice