What is the difference between analogous estimating and parametric estimating?

What is the difference between analogous estimating and parametric estimating?

Analogous estimating uses historical data from similar projects to estimate costs or durations, while parametric estimating uses statistical relationships between variables to calculate estimates.

Can you give me an example of each method?

Sure! For analogous estimating, if a previous project took 10 weeks and was similar in scope, you might estimate a new project to take about the same time. For parametric estimating, if you know that each unit of work takes 5 hours, and you have 100 units, you would estimate 500 hours.

Which method is more accurate?

Parametric estimating is generally more accurate because it relies on specific data and statistical analysis, while analogous estimating can be more subjective.

When should I use each method?

Use analogous estimating when you have limited information and need a quick estimate based on past projects. Use parametric estimating when you have detailed data and want a more precise calculation.