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Project Management, Planning and Control, 7th Edition by Albert Lester

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Chapter 13

Estimating

Abstract

This chapter describes the four main methods of estimating and their approximate levels of accuracy. These methods are: subjective (±20%–40%), parametric (±10%–20%), comparative (±10%) and analytical (±5%). The need to always allow a contingency is stressed and a diagram shows how the accuracy percentage improves as the project moves from the concept phase to the production phase.

Keywords

Analytical estimating; Comparative estimating; Contingency allowance; Estimating; Parametric estimating; Subjective estimating
Estimating is an essential part of project management, since it becomes the baseline for the subsequent cost control. ...

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