5 Factors, Rates, Ratios and estimating by analogy
In this chapter, we will define what we mean by Factors, Rates and Ratios, and how we might use these to create estimates by analogy.
5.1 Estimating Metrics
Estimating requires a clear, unambiguous statement of what is in scope, and what is not. So, perhaps we should begin by clarifying that this section’s title relates to using Metrics in Estimating, and not about the means of creating estimates for such metrics, which is covered implicitly by Volume II Chapters 2 and 3 on Measures of Central Tendency, Dispersion and Shape.
In estimating we frequently talk about ‘Metrics’. The term ‘Metric’ in a business sense is a statistic that measures an output of a process or a relationship between a variable ...
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