For instance, Parametric Estimation Technique is a technique in which an algorithm is used to calculate the cost. So, It is a duration based on historical data and project parameters. hence, Parametric Estimation Technique used a statistical relationship between historical data. Other variables (e.g., square footage in construction) to calculate an estimate for activity parameters, such as cost, budget, and duration.
For instance, Durations can be quantitative to determine by multiplying the quantity of work. It is to be performed by the number of labor hours per unit of work. For example, the duration of a design project is estimated by the number of drawings multiply by the number of labor hours per drawing, or on a cable installation, the meters of cable multiplied by the number of labor hours per meter. If the assigned resource is capable of installing 25 meters of cable per hour, the duration requires to install 1,000 meters is 40 hours (1,000 meters divide by 25 meters per hour).
This technique can produce higher levels of accuracy depending on the sophistication and underlying data built into the model. Parametric schedule estimates apply to a total project or to a segment of a project with other estimating methods.
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