What technique is used to estimate project duration and costs?

Analogous estimating is a technique that leverages historical data from previous projects to estimate the duration and costs of a current project. This method is particularly useful in situations where there is a lack of detailed data for the current project, enabling project managers to rely on the outcomes of similar past projects. By comparing the current project to those with similar characteristics, project managers can generate estimates based on the actual performance metrics, such as timeline and cost, of these prior projects.

This technique is especially effective during the early phases of project planning when detailed information may not yet be available. Its efficiency lies in its ability to provide quick approximations and facilitate initial project discussions, while also helping to establish a baseline for further, more refined estimates as the project scope develops.

In contrast, expert judgment involves the insights and opinions of knowledgeable individuals to assess project duration and costs. Parametric estimating uses statistical relationships between variables to calculate estimates, while bottom-up estimating breaks down the project into smaller components to provide a comprehensive estimate. Each of these techniques has its own application and situational preferences, but when focusing specifically on using historical data to inform current estimates, analogous estimating is the most fitting choice.