Which estimating technique uses a statistical relationship between historical data and other variables (e.g.,square footage in construction,lines of code in software development)to calculate an estimate for scope,cost and duration?
A) analogous estimating
B) parametric estimating
C) bottom-up estimating
D) Monte Carlo estimating

Question

Which estimating technique uses a statistical relationship between historical data and other variables (e.g.,square footage in construction,lines of code in software development)to calculate an estimate for scope,cost and duration? 
A) analogous estimating 
B) parametric estimating 
C) bottom-up estimating 
D) Monte Carlo estimating

Quizplus · Accepted Answer

Parametric estimating uses statistical relationships between historical data and other variables to estimate project scope, cost, and duration. This technique is particularly useful in industries such as construction and software development, where there are established relationships between variables like square footage and lines of code and project costs. Analogous estimating relies on historical data from similar projects to estimate project costs, whereas bottom-up estimating requires a detailed breakdown of individual project tasks and associated costs. Monte Carlo estimating is a simulation technique that generates multiple scenario outcomes based on probabilities and variables, which can be helpful in resource allocation and risk management.

Which Estimating Technique Uses a Statistical Relationship Between Historical Data