What estimating technique is used when there is limited information?

The correct answer is A. Analogous estimating. Analogous estimating (also called top-down estimating) relies on historical data from similar past projects to estimate the current project's cost, duration, or scope. It is specifically designed for use early in a project or when detailed information is unavailable, making it id

Predictive, Plan-Based Methodologies

Question

What estimating technique is used when there is limited information?

Options

AAnalogous estimating
BParametric estimating
CBottom-up estimating
DThree-point estimating

How the community answered

(29 responses)

A
93% (27)
B
3% (1)
C
3% (1)

Explanation

Analogous estimating (also called top-down estimating) relies on historical data from similar past projects to estimate the current project's cost, duration, or scope. It is specifically designed for use early in a project or when detailed information is unavailable, making it ideal for situations with limited information. It is faster and less costly to produce than other techniques but is also less accurate. Parametric estimating (B) requires a statistical relationship between variables and historical data-it needs more structured data. Bottom-up estimating (C) requires detailed decomposition of every work package, which is impossible without sufficient information. Three-point estimating (D) requires optimistic, pessimistic, and most-likely estimates for each activity-more detail than analogous requires.

Topics

#Estimating techniques#Analogous estimating#Project cost management#Project schedule management

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