Estimating Activity Durations

Correct Answer: Linear regression with a correlation coefficient

Linear regression with a correlation coefficient is the most appropriate mathematical concept for parametric estimating because: 1. It establishes a clear mathematical relationship between historical data points and current project parameters 2. The correlation coefficient helps measure the strength and reliability of the relationship between variables 3. It provides a scalable model that can be adjusted based on project size and complexity 4. It allows for statistical validation of the estimating model The other options are less suitable because: Exponential functions with weighted averages are too complex for most parametric estimates and may overemphasize certain data points Moving averages focus on time series data and seasonal patterns, which is not the primary focus of parametric estimating Standard deviation analysis measures variability but does not establish the fundamental relationship between parameters and outcomes needed for estimation

Correct Answer: It provides quantifiable data based on historical relationships between variables

The primary advantage of Parametric Estimating lies in its use of historical data to establish statistical relationships between variables, providing quantifiable and measurable results. This technique is powerful because it creates mathematical relationships between historical values and other variables, making it more objective and reliable than other estimation methods. Why other options are incorrect: Combining expert judgment with statistical analysis describes a hybrid approach, not specifically parametric estimating. Adjusting estimates based on risk assessments is a general project management practice, not unique to parametric estimating. Predicting outcomes with perfect accuracy is unrealistic - no estimation technique can guarantee perfect accuracy, making this claim invalid.

Correct Answer: The consistency of historical data patterns

The consistency of historical data patterns is the most critical variable for parametric estimating model accuracy. Here's why: - Parametric estimating relies on historical data to establish relationships between variables - Consistent patterns in historical data allow for more reliable statistical correlations - When historical patterns are consistent, the model can better predict future outcomes Why other options are less accurate: - Detailed documentation is important but secondary to data consistency - The number of parameters can actually reduce accuracy if they don't have strong correlations - Frequent updates are helpful but won't improve accuracy if underlying data patterns are inconsistent The key principle is that parametric models are only as good as their underlying data patterns. Consistent historical patterns provide the foundation for reliable predictions, regardless of other factors.