Describe analogous, parametric and bottom-up estimating, and briefly discuss the advantages and disadvantages of each method.

Analogous, Parametric , Bottomup estimate are the major project management cost estiomation tool.

Analogous

This particular technique is used to estimate the project cost when very little information or detail is available about the project. Thus, this technique does not provide a realistic or reliable estimation. In this type of estimation cost is calculated based on the historical data of similar project.

Parametric costing

Like analogues it also uses historical data for costing. It takes different variables from the project and applies them to the current project.( Man,equipment, material) used for similar last project are taken as a reference.

Bottom up technique

It is also considered as definitive technique. It is the most accurate among project cost estimation techniques, the cost of every activity involved in the project is calculated on realistic basis, estimation is done of greate4st level of detail, and then it will rolls up to calculate actual total cost. It drills down to every minute details of costing as well. total project work is broken down into the multiple smallest work components.

In a nutshell

Analogous

Fastest method of estimation

It can be calculated with minimal information

Parametric

It make use of statistical tools for estimation of cost involved in project

More accurate than the analogous method.

Bottom up

Most accurate technique

It can be used when all information are available

More time consuming method

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