What is parametric estimating?

Find out what parametric is and when to use it.

1. What is parametric estimating?

2. Parametric estimating is a form of project estimating for cost, resource and duration

3. A definition...

4. Estimating approach that uses a statistical relationship between historical data and other variables to calculate an estimate. “ ” Dictionary of Project Management Terms, 3 rd Edition , J. LeRoy Ward

5. What? It uses parameters (characteristics) to create estimates

6. Parametric estimating is used when...

7. You have data to use for modelling Estimates can be calculated with formulae

8. For example ...so it will take 2 people 2 hours to dig a 16-foot trench It takes 1 person 1 hour to dig a 4-foot trench...

9. Parametric estimating provides solid estimates when you have data to use

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