Among the easiest methods of project management, analogous estimation is especially prominent. This strategy involves looking at previous projects, recognizing the disparities and likenesses, and adapting that understanding to the current task. Analogous estimating is categorized as estimating methods that are recommended to be used in planning performance domain.
Because each project is a finite effort and gets gradually elaborated, it is often challenging to make exact projections in the early stages. As the project matures, more information allows for more exact estimates. This may be attributed to the augmented availability of information to base estimates, the decrease of unknowns, and the distinctive limitations of the current project.
Analogous estimating is commonly used in the initial stages to determine rough estimates for resource management, cost management, and schedule management by measuring the time needed for the project activities. When comprehensive data is not present, referring to the outcome of similar projects can be beneficial.
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