Practice Quiz

CAPM Project Management Exam Prep

Category - Time Management

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When is the project manager using parametric estimation?
  1. If the Project Manager is using his instinct to determine the estimated project length
  2. If the Project Manager needs to pad their estimates
  3. If the Project Manager is using Monte Carlo analysis
  4. Using a statistical relationship that exists through historical data or other mathematical relationship
  5. None of the above
Explanation
Answer: D. Parametric estimating refers, primarily, to an estimation technique which utilizes the statistical relationship that exists between a series of historical data and a particular delineated list of other variables.

Key Takeaway: An example of this would be using past estimates on the size of projects and figuring out a relationship. For example, if it took you three weeks to install five units, you might being to extrapolate that it would take 15 weeks to install 25 units. It’s a big term for something you probably do for every project.
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