Compare and contrast techniques for estimating project time
and cost. Under what circumstances might you use each of these techniques you are
describing? Discuss this topic in the context of any personal or professional projects that
you were involved with, or could manage in the future. How did you estimate project
time and cost? How will use these estimation techniques in your future projects. How
would a project manager use the WBS during the estimating process?
The four techniques used to estimate time, resource and cost of a project are parametric,
analogous or comparative, analytical and subjective. These techniques can be combined
depending on the “technical nature of the project, and the life cycle phase” (Praxis, n.d.,
The parametric estimate is used when a project includes activities similar to other projects.
For instance, both construction and insurance companies estimate cost based on specifics
criterions such as size, and location. Analogous or comparative technique is based on the cost of
other project in similar nature. For instance, to estimate the cost of building a swimming pool in