00:01
So the question says, what are some of the most common cost software cost estimating techniques? most common software cost estimating techniques.
00:11
So first, let's look at what cost estimation is.
00:15
When we talk about cost estimation, we are looking at the process of estimating all of the cost associated with completing a project within scope and according to it.
00:30
Timeline.
00:32
So when we look at some of the cost estimation techniques, we have analogous estimation.
00:41
So we have analogous, we have analogous estimation.
00:58
With analogous estimating, a project manager calculates the expected cost of a project based upon loan costs associated with a similar project that was completed in the past this method estimation relies upon a combination of historical data historical data and also expect judgment historical data and expect judgment aspects of the project manager yes then we also have what you call our metric estimate parametric estimating and here historical data and statistical modeling are used so historical data and statistical modeling are used to assign a dollar value to certain project costs this approach determines the underlying unit costs for a particular component of a project and then sales that unit costs as appropriate it is much more accurate than our logos estimating but requires more initial data to accurately assess cost then we have bottom up estimating bottom estimating so here a larger project is broken down into a number of smaller component the project manager then estimate cost specifically for each of these smaller work packages.
03:16
For example, if a project includes work that will be split between multiple departments within an organization, cost might be split out by departments...