Four Types of Estimation Techniques – PMP Exam Tips
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There are four ways to estimate the cost and schedule of your project that you need to know for your PMP exam.
Analogue estimation: looking at historical data
Parametric estimation: Looking at statistical data to get estimates for your current project
Three-point estimation: Determination of 3 estimation points (optimistic, most likely and pessimistic) and calculation of the average
Bottom-up estimating: Estimating the costs or schedule of individual activities and extrapolating them to the project level.
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