PMAN Week 5.docx - 1 Estimating techniques Compare and...

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1. Estimating techniques. 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., para.6). 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

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