Analogous Forecasting Method
Analogous forecasting in project management involves estimating project timelines, costs, or resources by comparing them to similar past projects. This technique relies on historical data to make informed predictions, offering a quick and straightforward method for planning, especially when detailed information is limited.
Technique Overview
Analogous Forecasting Method Definition
Analogous forecasting in project management is a predictive technique that estimates key project parameters by identifying and analysing similarities with previous projects. It draws on expert judgment and historical records to gauge outcomes such as cost, duration, and resource needs. This method is particularly useful in early project phases or when limited specific details are available, providing a broad estimation based on the performance of analogous endeavours.
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Business Evidence
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Business Application
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Professional Tools
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Further Reading
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Analogous Forecasting Method references (4 of up to 20) *
- Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. John Wiley & Sons.
- Lock, D. (2020). Project Management. Gower Publishing.
- Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide). PMI.
- Meredith, J.R., & Mantel, S.J. (2014). Project Management: A Managerial Approach.
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