What are the most common cost estimation techniques?

Date:2023-01-07
1.Comparative Parametric Estimating: This technique uses past data and existing information to estimate the total cost of a project. 2.Expert Judgment Estimating: This technique relies on the experience of experts to provide a reasonable estimate. 3.Bottom-Up Estimating: This technique requires working out the cost of individual tasks and then adding them to get an estimation of the total project cost. 4.Analogous Estimating: This technique uses the past cost of similar projects to estimate the total cost of the current project. 5.Program Evaluation and Review Technique (PERT): A project management technique that combines data from various sources to give a weighted average estimate of the cost of a project. 6.Productivity Analysis Estimating: This technique relies on knowledge of the productivity of the resources assigned to a project to calculate the cost. 7.Three-point Estimating: This technique combines optimistic, likely and pessimistic estimates of a project to come up with a single cost estimate.
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