Estimation Methods | Different Types
Estimation methods can mean a few different things depending on whether you’re asking in project management, statistics, or general decision-making.
Here’s a structured breakdown:
🔹 1. In Project Management / Software Development
Used to forecast time, cost, or effort.
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Analogous Estimating → Use data from past similar projects.
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Parametric Estimating → Use measurable parameters (e.g., cost per sq. ft).
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Bottom-Up Estimating → Break down work into small tasks and sum estimates.
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Top-Down Estimating → Start with overall project scope and break into chunks.
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Three-Point Estimating (PERT) → Use optimistic, pessimistic, and most likely values.
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Expert Judgment → Leverage knowledge from SMEs (subject matter experts).
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Agile Methods:
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Planning Poker
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T-Shirt Sizing (S, M, L, XL)
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Story Points
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🔹 2. In Statistics & Data Science
Used to estimate parameters (like mean, variance) from data.
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Point Estimation → A single value estimate (e.g., sample mean for population mean).
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Interval Estimation → A range of values (e.g., confidence interval).
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Maximum Likelihood Estimation (MLE) → Finds parameter values that maximize likelihood of data.
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Bayesian Estimation → Combines prior knowledge with observed data.
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Method of Moments → Matches sample moments to population moments.
🔹 3. In Cost / Engineering
Used for construction, mechanical, or infrastructure projects.
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Preliminary Estimation (early rough order of magnitude).
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Detailed Estimation (with BOQ / material breakdown).
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Parametric Estimation (e.g., cost per unit of floor area).
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Quantity Take-Off (QTO) → Line-by-line measurement of work.
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