![]() The parametric approach is the one generally taken by insurance companies.To illustrate the different approaches, consider the problem of deciding how much to insure your home for in the event that it needed rebuilding. The approach or combination of approaches used will depend upon the technical nature of the project and the life cycle phase. Estimating methods are as diverse as the range of organisations who undertake projects and programmes. For instance, a particular method may combine parametric and subjective approaches another may be a combination of comparative and analytical. With differing application within the top-down and bottom-up contexts, there are four fundamental approaches to estimating: Individual activity estimates can be consolidated to develop more accurate total costs and timescales, i.e. Once the detail has been established small chunks of work can be more accurately estimated. definition and the estimate are developed from the top down. As the work becomes increasingly well-defined greater accuracy can be achieved, i.e. ![]() In the early stages of the project or programme approximate estimates are needed based upon limited information. This can range from a high level estimate of a project in a programme to detailed estimating of individual activities in a work package.Īlmost all estimating goes through two stages: top down and bottom up. Project, programme and portfolio managementĮstimating is the activity of predicting what a piece of work will require in terms of time, resource and cost.
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