What is Estimation by Analogy?
Estimation by Analogy is a method that performs the comparison or analogy between the current or new tasks and similar tasks or activities from past projects. Analogous estimation draws the parallels between the cost figures and predictions of ongoing or upcoming tasks. It simply means that the parameters of current or upcoming tasks are compared with those of previous or completed tasks. Hence, analyzing historical data and project parameters becomes truly helpful for project professionals to estimate the efforts required for the current project.
- The estimation process involves comparing the characteristics and requirements of current tasks with those of tasks that have been previously completed. This comparison helps in identifying similarities and patterns.
- Past project parameters, such as costs, time, and resources, serve as the basis for estimation. By referencing historical data, project professionals can make informed predictions about the current project’s resource needs and potential challenges.
Estimation by Analogy and Relative Sizing
Project Managers put a lot of time and effort to successfully deliver the project. What they need is a robust technique to estimate their project. In Project Management, Analogous and Relative-Size Estimation are popular techniques that allow us to predict the efforts required for the project tasks. Also, we can compare the efforts for new tasks with those of completed ones so that we can analyze our workflow efficiency and resource availability.
Table of Content
- What is Project Estimation?
- What is Estimation by Analogy?
- Advantages of Analogy Estimation
- Disadvantages of Analogy Estimation
- What is Estimation by Relative Sizing?
- Advantages of Relative-size Estimation
- Disadvantages of Relative-size Estimation
- Frequently Asked Questions on Estimation by Analogy and Relative Sizing – FAQs
- Conclusion