Parametric

Parametric estimation is a technique used to predict project costs, durations, or resource requirements based on historical data and statistical relationships. In order to create a formula or model that may be used for upcoming projects, it entails utilizing known parameters or variables from previous projects. This approach is especially helpful for big projects where comprehensive data might not be accessible. Although the accuracy of parametric estimating relies on the caliber of the historical data utilized, it offers a rapid and economical method of producing precise estimations.