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Project Management Orientation

Analogy or Comparison Estimating  

Analogy or comparison estimating is also called analogous estimating.  It uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project.  Adjustments must be made to account for differences in performance, design, technology, and operational characteristics.

It is very important to consider the source and quality of analogous data.  When considering the source, ask the following questions:  Is it plan data?  Is it actual data?  How old is the data?  What were the assumptions behind the data?

The following figure shows the steps for estimating using the analogy or comparison method.

Diagram showing the steps for estimating using the analogy or comparison method: 1. Evaluate Project. 2. Find Comparable Project. 3. Assess Comparable Qualities. 4. Evaluate Cost of Previous Project. 5. Apply to New Project.

Estimation Methods

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description of that term.

Parametric Estimate
Analogy or Comparison Estimating
Expert Judgment Estimating
Top-Down Estimating
Bottom-Up Estimating
1: Getting Started
2: Define the Project Team
3: Team Management
4: Identify and Validate Requirements
5: Create Decomposition Structures
6: Risk Management
7: Project Estimates
8: Project Schedules
9: Change Management
10: Project Control and Execution
Defining the Project
11: Project Management Review
12: Project Closeout
13: Project Management Tool Suite
14: Self-Assessment and Final Exam
Fast Points
Concepts
Seven Keys
Case Study
WWPMM
Mentor
Check Point
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