Based on a previous project that has been completed, a project manager decides the best way to estimate costs is through historical data. What kind of estimating is this?
The answer is: D. Analogous
Explanation:
Analogous estimating relies on historical data from similar projects to estimate the cost of a new project.
By comparing the current project to past projects, the project manager can develop a cost estimate based on those previous figures.
Let's briefly review the other options:
Bottom-up estimating involves breaking down a project into its smallest components and estimating the cost of each, then summing them up for a total project cost.
Three-point estimating involves creating an optimistic, pessimistic, and most likely estimate for each project activity.
Parametric estimating uses statistical models based on historical data and project parameters to estimate costs. While it uses historical data, it differs from analogous estimating as it involves statistical modeling and parameters.
Since the prompt explicitly mentions using historical data from a previous project, analogous estimating is the most fitting choice.
A voting comment increases the vote count for the chosen answer by one.
Upvoting a comment with a selected answer will also increase the vote count towards that answer by one.
So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.
Vangelis_1980
1 month, 3 weeks agoAndrew_1980
2 months, 2 weeks agoGoldenRetriever
3 months, 1 week ago