Project Managmnt.docx - Running head PROJECT MANAGEMENT...

This preview shows page 1 - 3 out of 4 pages.

Running head: PROJECT MANAGEMENT 1 Project Management Student’s Name: Institution:
PROJECT MANAGEMENT 2 Project Management Estimating Techniques There are four techniques of estimating resources, time, and cost of the project. These include parametric, comparative or analogous, subjective, and analytical. According to Smith (2017), the parametric estimate is used in a situation where the project includes activities that are similar to other projects. For example, both insurance and construction companies estimate project coats based on particular criteria including location and size. Comparative or analogous techniques are based on the costs of another similar project. For example, estimating the cost of building a swimming pool would include activities such as asking the neighbors or a person who has ever build a swimming pool. Thus could be followed by the adjustment of the costs concerning the size and style of the pool. On the other hand, bottom-up or analytical estimation

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture