{"id":13091,"date":"2020-02-24T15:00:16","date_gmt":"2020-02-24T15:00:16","guid":{"rendered":"https:\/\/twproject.com\/?p=13091"},"modified":"2020-02-24T13:53:50","modified_gmt":"2020-02-24T13:53:50","slug":"analog-parametric-estimation-differences-calculation-time-cost-project","status":"publish","type":"post","link":"https:\/\/twproject.com\/blog\/analog-parametric-estimation-differences-calculation-time-cost-project\/","title":{"rendered":"Analog and parametric estimation: differences in calculation for time and cost of a project"},"content":{"rendered":"<p><strong>Analog and parametric estimation<\/strong> is what we will discuss today, partly to continue the discussion started in the last article about <a href=\"https:\/\/twproject.com\/blog\/estimate-resources-project\/\" target=\"_blank\" rel=\"noopener\">how to estimate the resources of a project<\/a>.<\/p>\n<p>Project estimation is a key aspect of project management and <strong>analogical and parametric estimation techniques<\/strong> are the most commonly used methods.<\/p>\n<h5>CONTENTS<\/h5>\n<ul>\n<li><a href=\"#analog\">Analog Estimation<\/a><\/li>\n<li><a href=\"#parametric\">Parametric Estimation<\/a><\/li>\n<li><a href=\"#difference\">Difference between analog and parametric estimation<\/a><\/li>\n<\/ul>\n<p>These kind of estimates are universally applicable to any kind of project of any kind of organization.<\/p>\n<p>They are used to perform any type of estimate, whether it concerns time\/duration, effort, resources, or costs.<\/p>\n<p>There are certainly many other estimation techniques that can be used in a project, however, in this article we will focus on <strong>analog and parametric estimation<\/strong>.<br \/>\n<a name=\"analog\"><\/a><\/p>\n<h2>Analog Estimation<\/h2>\n<p><strong>Analog estimation<\/strong> is a technique used to estimate the duration or cost of an activity or project using <strong>historical data from a similar activity or project<\/strong>.<\/p>\n<p>Analog estimates are made based on the time or cost employed by similar previous projects.<\/p>\n<p>Therefore, these estimates are based on team experience or project history.<\/p>\n<p>The only disadvantage of this method is that the estimate may not always be accurate.<\/p>\n<p>By applying this method, historical data from similar previous work can be used to estimate the current work, however, be careful when applying this method.<\/p>\n<p>This should only be used when reliable data from similar works is available. Otherwise, this method may be counterproductive.<\/p>\n<p>Here is an example:<\/p>\n<p>Let&#8217;s suppose you want to <strong>estimate the timing <\/strong>required to paint a house. Let&#8217;s also assume that you have access to data &#8211; quality data &#8211; of the actual duration of another similar project in the past. This data could come from the same house or one with a similar structure and size, painted in the same location and during the same season &#8211; there may be a difference between painting in summer or winter.<\/p>\n<p>Using this technique and applying this data, one can therefore safely say that the current painting work will take 10 days if a similar work was done in 10 days in the past.<br \/>\n<a name=\"parametric\"><\/a><\/p>\n<h2>Parametric Estimation<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-13096\" src=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/project-estimation-methods.png\" alt=\"project estimation methods\" width=\"1280\" height=\"854\" srcset=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/project-estimation-methods.png 1280w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/project-estimation-methods-630x420.png 630w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/project-estimation-methods-1130x754.png 1130w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/project-estimation-methods-705x470.png 705w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/project-estimation-methods-450x300.png 450w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The<strong> parametric estimation<\/strong> is executed on a unitary basis and employs the ratio between variables to arrive at the cost or duration of an activity or project.<\/p>\n<p>Compared to the <strong>analog estimation<\/strong>, the parametric one is more accurate, but the measurement must be scalable to confirm accuracy.<\/p>\n<p>You can use this method only after you have identified one or more parameters and devised an algorithm or formula to perform the specific calculations.<\/p>\n<p>These calculations will then be performed on the historical data obtained and, unlike the previous technique, it is not necessary for the historical data to derive from a similar work or project.<\/p>\n<p>The algorithm, or formula, should be good and effective enough to produce predictable results. Otherwise, this method cannot be used.<\/p>\n<p>Here is an example:<\/p>\n<p>Let&#8217;s suppose you want to estimate the duration to paint a house and you know the size of its walls. Let&#8217;s also assume that you have access to detailed data on the actual duration of another project, where another building &#8211; this time with different sizes &#8211; was painted some time ago in another location.<\/p>\n<p>In this case you can use two parameters to get to the parametric estimation: These are:<\/p>\n<ul>\n<li>first parameter = size of the overall surface area to be painted<\/li>\n<li>second parameter = average duration for painting one square meter of surface area<\/li>\n<\/ul>\n<p>Our formula for the estimation will therefore be:<\/p>\n<p><em>Estimated duration = (<\/em>size of the overall surface area to be painted<em>) * (<\/em>average duration for painting one square meter of surface area<em>)<\/em><\/p>\n<p>Thanks to this formula it is therefore possible<strong> to estimate the duration required to paint the house of the project<\/strong>.<\/p>\n<p>Let us now use specific data to illustrate the example more clearly:<\/p>\n<ul>\n<li>It is necessary to paint 1000 square meters of walls of a house.<\/li>\n<li>On average, it takes 6 minutes to paint one square meter of the area.<\/li>\n<li>So you will need 1000 * 6 minutes = 100 hours to paint the whole house.<\/li>\n<\/ul>\n<p><a name=\"difference\"><\/a><\/p>\n<h2>Difference between analog and parametric estimation<\/h2>\n<p>Many professionals misunderstand the<strong> difference between analog and parametric estimation<\/strong> because they believe that parametric estimation does not need historical data. This, as seen above, is not true.<\/p>\n<p>Historical data are in fact used in <strong>both estimation techniques of the project<\/strong>, only in the analogical one data similar to the project in question are required, while in the parametric one more general data are required.<\/p>\n<p>Here are the main differences between these two techniques in the following table.<\/p>\n<table style=\"height: 445px;\" width=\"692\">\n<tbody>\n<tr>\n<td width=\"189\"><\/td>\n<td width=\"189\">ANALOG ESTIMATION<\/td>\n<td width=\"189\">PARAMETRIC ESTIMATION<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Method<\/td>\n<td width=\"189\">Uses historical data from a previous similar project<\/td>\n<td width=\"189\">Uses a formula based on historical data from a previous project<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">When is it used?<\/td>\n<td width=\"189\">Usually in the early stages of the project when only high quality data can be used<\/td>\n<td width=\"189\">Usually when comprehensive data is available<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Usefulness<\/td>\n<td width=\"189\">Only when quality data from a similar project is available<\/td>\n<td width=\"189\">Only when it is possible to devise a formula, an algorithm or a statistical model<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Accuracy<\/td>\n<td width=\"189\">Usually less accurate. Depends on the expertise and experience of the individual making the estimate<\/td>\n<td width=\"189\">Usually more accurate. It depends on the accuracy of the available data and the refinement of the model used for the calculation<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Effort<\/td>\n<td width=\"189\">Usually less expensive in terms of effort and time<\/td>\n<td width=\"189\">Usually more expensive in terms of effort and time<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Generally speaking,<strong> the estimation of a project&#8217;s activities <\/strong>is not always easy.<\/p>\n<p>How come? Usually because the only time you know exactly how long it takes to complete a project is when it comes to completion.<\/p>\n<p>Up to the delivery point, the <a href=\"https:\/\/twproject.com\/blog\/create-project-team-7-tips-identifying-approving-supplying-best\/\" target=\"_blank\" rel=\"noopener\">project teams<\/a>\u00a0led by the project manager, they employ &#8220;guesswork&#8221; to predict the future.<\/p>\n<p>And the bigger and more complex a project is, the more confused the future will be.<\/p>\n<p>Wrong estimates mean missing deadlines and over-budget spending, two of the main causes of a project&#8217;s failure.<\/p>\n<p>Being an experienced estimator is therefore a key skill for a project manager and using proper <a href=\"https:\/\/twproject.com\/\" target=\"_blank\" rel=\"noopener\">project management software<\/a> can be a great advantage in this case.<\/p>\n<div class=\"tw_promobox centered box_type2 sBlue sFilter sImage\" style=\"background-image: url('https:\/\/static.twproject.com\/blog\/wp-content\/uploads\/get-it-now-r.jpg'); background-size: 140%; background-position: -90px -290px;\">\n<div class=\"av_promobox avia-button-yes avia-builder-el-1 el_after_av_promobox avia-builder-el-last\">\n<div class=\"avia-promocontent\">\n<h2>Need a tool to estimate your projects?<br \/>\nStart a free demo.<\/h2>\n<\/div>\n<div class=\"avia-button-wrap avia-button-right \"><a class=\"avia-button avia-icon_select-no avia-color-custom avia-size-xlarge\" href=\"https:\/\/demo.twproject.com\/applications\/teamwork\/welcome\/createUserEnvironment.jsp\" target=\"blank\"><span class=\"avia_iconbox_title\">Give Us a Try!<\/span><\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Analog and parametric estimation is what we will discuss today, partly to continue the discussion started in the last article about how to estimate the resources of a project. Project estimation is a key aspect of project management and analogical and parametric estimation techniques are the most commonly used methods. CONTENTS Analog Estimation Parametric Estimation &hellip; <a href=\"https:\/\/twproject.com\/blog\/analog-parametric-estimation-differences-calculation-time-cost-project\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Analog and parametric estimation: differences in calculation for time and cost of a project&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":13095,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_custom_body_class":"","_custom_post_class":"","footnotes":""},"categories":[81,58],"tags":[],"class_list":["post-13091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cost-management","category-project-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Analog and parametric estimation: differences in calculation for time and cost of a project - 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