Henry is the business analyst for his organization. Management has created a pre-determined budget of $450,000 for his solution. Henry has identified the project requirements but now wants to…

Parametric estimating uses statistical relationships between historical data and project variables to calculate cost estimates, and does not involve including or excluding requirements from a prioritized list.

The 'All in' timeboxing and budgeting approach begins with the complete set of requirements on the allowed list and systematically removes lower-priority items until the solution fits within the defined budget or timebox. Henry starts with all requirements and removes them to reach the $450,000 ceiling, which is the defining characteristic of All in. This is the opposite of the 'All out' approach, which starts with no requirements and adds them in priority order until the budget is consumed.

'Selective' is not a recognized timeboxing or budgeting approach in the BABOK Guide framework.

The 'All out' approach is the inverse of what Henry is doing - it begins with no requirements and adds them by priority until the budget is exhausted, rather than starting with all requirements and removing them.