Parametric Estimating is based on both historical data and the mathematical approach considering different variables. For example, 10 machines to be installed. To install one machine it takes one day. For 10 machines it may take approximately 10 days. One machine one day is the historical data and the calculation for 10 machines 10 days is mathematical model. So here we are considering both historical and mathematical approach unlike Analogous estimating where we consider only historical data. This technique provides higher level of accuracy.
Parametric Estimating technique is used under processes Estimate Activity Duration, Estimate Costs processes.
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