Analogous
cost estimating implies using the actual cost of previous, similar projects as
the basis for estimating the cost of the current project. Analogous cost
estimating is frequently used to estimate costs when there is a limited amount
of detailed information about the project (e.g., in the early phases).
Analogous cost estimating uses expert judgment. Analogous cost estimating is
generally less costly than other techniques, but it is also generally less
accurate. It is most reliable when previous projects are similar in fact and
not just in appearance, and the persons or groups preparing the estimates have
the needed expertise. Analogous cost estimating implies using the actual cost
of previous, similar projects as the basis for estimating the cost of the
current project. Analogous cost estimating is frequently used to estimate costs
when there is a limited amount of detailed information about the project (e.g.,
in the early phases).
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