Analogous Estimating: A Complete Guide
Analogous Estimating is a critical concept in project management that allows managers to predict project timeframes and costs based on past projects with similar attributes. Understanding the principles and techniques of Analogous Estimating is vital for various certification exams.
What is it?
Analogous Estimating, also known as Top-Down Estimating, is a technique for estimating the cost and duration of a project using historical data from similar past projects.
How it works?
In this technique, the project manager identifies past projects with similar characteristics, takes their actual costs and duration, and adjusts them to match the current project's specifics. Various factors could impact these adjustments, including project size, complexity, and risk.
Exam Tips: Answering Questions on Analogous Estimating
When answering exam questions, remember that Analogous Estimating:
- Relies on historical data, so if a question mentions past similar projects, Analogous Estimating should come to mind.
- Is less accurate than other methods like Parametric Estimating, due to its high-level nature.
- Is quick and inexpensive, making it suitable for early stage estimates.
- May not be accurate for unique projects with no past comparisons.
Being able to identify when and why to use Analogous Estimating in given scenarios can play a significant role in correctly answering exam questions.
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Analogous Estimating practice test
Analogous estimating, also known as top-down estimating, involves using the data of previous, similar projects as the basis for estimating the cost, duration or effort of the current project. It is most reliable when the previous projects are similar in fact and not just in appearance, and the individuals preparing the estimates have the needed expertise. Though it is not as accurate as other methods, it is less costly, and less time consuming which makes it a perfect choice for a quick or high-level overview of the project.
Time: 5 minutes Questions: 5
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Go Premium
Certified Associate in Project Management Preparation Package (2024)
- Earn 15 PDUs needed for your CAPM certification
- 4485 Superior-grade Certified Associate in Project Management practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless CAPM preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- bonus: If you upgrade now you get upgraded access to all courses