What is analogous estimating?
An example of an AI chatbot conversation about analogous estimating in project management.
Can you explain what analogous estimating is?
Analogous estimating is a technique used in project management to estimate the duration or cost of a project based on the historical data of similar projects.
How does it differ from other estimating techniques?
Unlike parametric estimating, which uses statistical relationships, analogous estimating relies on expert judgment and historical data.
What are the advantages of using this method?
The main advantages include speed, ease of use, and the ability to leverage past experiences, making it useful for quick estimates.
Are there any limitations I should be aware of?
Yes, it can be less accurate if the past projects are not closely related to the current one, and it may overlook unique project factors.
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