Chapter 9 Estimation Models

Estimation Process

Estimation is a process that uses prediction systems and intuition for cost and resource planning. Estimation is controlled by “cost realism,” which does not always insist on exactness but lays equal emphasis on logic as much on the mathematical form of the prediction system. It is concerned about assumptions regarding the future and the relevance of history. It is concerned about bias in prediction.

On one hand, estimation models use rigorous statistics for generating the prediction equation. On the other hand, common sense rules several choices and assumptions made en route.

Estimation is as much art as science.

There are useful techniques available for time and effort estimation. Process and ...

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