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Session_4 - PROJ522 Cost Pricing Scheduling and Control Session 4 Christine Dai Ph.D Top-Down Estimating Methods Analogous Estimating Parametric

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PROJ522: Cost, Pricing, Scheduling, and Control Session 4 Christine Dai, Ph.D.
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Top-Down Estimating Methods Analogous Estimating Parametric Estimating Other Estimating Methods
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Analogous Estimating Analogy Expert judgement Proportioned Uses the known, actual cost of a previous, similar project as the basis for estimating the cost of the current project May use the known, actual cost of a selected item(s) from a previous project(s) as the basis for the estimate
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Analogous Estimating (Continued) Used in the conceptual / early phases of the project Used when there is limited amount of detailed information Compared to other estimating methods Requires less data Less time consuming Less costly to develop Less accurate
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Analogous Estimating (Continued) Reliable when: Previous project(s) are similar in reality Individual or team preparing the estimate have the needed expertise
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Analogous Estimating (Continued) Model: P Y = I . X + ε ^ ^ Y = I . X
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This note was uploaded on 02/25/2011 for the course STAT 500 taught by Professor Staff during the Fall '08 term at UVA.

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Session_4 - PROJ522 Cost Pricing Scheduling and Control Session 4 Christine Dai Ph.D Top-Down Estimating Methods Analogous Estimating Parametric

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