Parametric estimating is an estimating technique that uses a statistical relationship between historical data and other variables (e.g., square footage in construction or lines of code in software development) to calculate an estimate for activity parameters, such as scope, cost, budget, and duration. This technique can produce higher levels of accuracy depending upon the sophistication and underlying data built into the model. Parametric cost estimates can be applied to a total project or to segments of a project, in conjunction with other estimating methods.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.