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Analogous Estimates

Posted: Sun Jul 16, 2017 10:48 pm
by nazrulq
Question :
You are working on cost estimates of a project and you are the project manager. You got to know that in past two similar projects has been done and successfully delivered. You approach the PMO department to get the cost performance baselines, lessons learned and other information that can help with your cost estimate. What cost estimate technique are you using?

1.Parametric Estimation

2.Net Present Value

3.Rough Order of Magnitude

4.Analogous Estimation

Correct option 4

Just two add word similar then the answer would be fine. Otherwise answer It could be parametric.

Any suggestion!

Re: Analogous Estimates

Posted: Mon Jul 17, 2017 8:10 am
by Prembalaji
Parametric Estimating = ( Analogous Estimate + certain formula ) , the formula may be an explanation on the Scale at which the previous Projects is bigger or smaller to that of the current project ,

Since there is no such explanation about the scale or magnitude at the difference between the Current Project and the Previous project , it is best to go with " Analogous Estimate "

Re: Analogous Estimates

Posted: Mon Jul 17, 2017 6:00 pm
by nazrulq
Not really cleared!

Can Manish explain elaborately please!

Re: Analogous Estimates

Posted: Mon Jul 17, 2017 6:12 pm
by nazrulq
The main difference between analogous and parametric estimate is the similarity and Project Parameter . Those both type estimates depends on historical data.
Please see the definition at Glossary PMBOK Page-528 and page 548

I think option 1 should be good as project parameter is absent in the Question.