Parametric Forecasting Method
Parametric forecasting in project management uses historical data and statistical models to predict future project outcomes. By leveraging key variables, such as time, cost, and resources, it provides accurate estimates, helping managers plan and allocate resources more effectively for future projects.
Technique Overview
Parametric Forecasting Method Definition
Parametric forecasting in project management is a method that applies mathematical algorithms and equations to estimate project variables. It relies on quantifiable data from previous projects or industry standards to generate predictions. By identifying relationships between key factors, such as project size and duration, it enables precise forecasting of timeframes, costs, and resource needs, enhancing decision-making and reducing uncertainty in project planning.
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Business Evidence
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Business Application
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Further Reading
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Parametric Forecasting Method references (4 of up to 20) *
- Kerzner, H. (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 12th ed. Wiley.
- PMI (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). 6th ed. Project Management Institute.
- Westney, R. (1997). The Engineer’s Cost Handbook: Tools for Managing Project Costs. Marcel Dekker, Inc.
- ISPA. (2008). Parametric Estimating Handbook. 4th ed. International Society of Parametric Analysts.
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