Analogous Estimating Definition and Explanation PDF | Download eBooks
Learn Analogous Estimating definition in project management with explanation to study “What is Analogous Estimating”. Study analogous estimating explanation with project management terms to review project management course for online MBA programs.
Analogous Estimating Definition:
Analogous estimating is a technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Analogous Estimating Explanation:
When the activities associated with the project are defined, their duration estimates and cost estimates must be made in order to schedule and budget the overall project. There are different techniques that can be used for estimation. One of them is called analogous estimating. The analogous estimating uses the estimates data of the similar projects that are carried out in the past and based on that historical data, the estimates of the new project are made. It is important to keep in mind that the actual time, cost and complexity of the previous similar projects are used to make estimations of the same parameters for current projects. The estimates made by analogous estimating are not perfectly accurate, however, they involve less time and cost of estimation.
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