What are the best practices for analogous estimating in project management?

What are the best practices for analogous estimating in project management?

Analogous estimating involves using historical data from similar projects to estimate costs or durations. Best practices include ensuring the projects are truly comparable, using a consistent methodology, and adjusting for differences in scope or complexity.

Can you give me an example of when to use this method?

Sure! If you're planning a new software development project and have completed similar projects in the past, you can use the costs and timelines from those projects to estimate the new one.

What are the limitations of this estimating technique?

The main limitations include potential inaccuracies if the past projects are not closely related, and it may not account for unique challenges in the new project.

How can I improve the accuracy of my estimates?

To improve accuracy, ensure you have detailed data from past projects, involve experienced team members in the estimation process, and consider using a combination of estimating techniques.