Which estimating technique uses an algorithm to calculate cost or duration based on historical data and other project parameters?
A) empirical estimating
B) parametric estimating
C) grass roots estimating
D) analogous estimating

Question

Quizplus · Accepted Answer

Parametric estimating uses mathematical algorithms to estimate costs or durations based on historical data and project parameters. This technique is more accurate than analogous estimating since it uses data specific to the project as well as historical data. Empirical estimating relies solely on experience and judgment, while grass roots estimating and analogous estimating do not use historical data or algorithms.

Which Estimating Technique Uses an Algorithm to Calculate Cost or Duration