Parametric estimating - An approach that uses a statistical relationship between historical data and other variables to calculate an estimate. Accurate method of estimation- most effective within deployment phase. , Analogous estimating  - Is a top-down estimation technique for estimating the cost, resources and durations of projects. Uses data from similar projects to inform estimates for the new project. Also referred to as an order of magnitude estimate, this is used in the concept phase most widely.  , Analytical estimating  - A WBS is vital for the accuracy of this estimating approach. Using the WBS, individual estimates are produced for each piece of work by those with delegated responsibility for the work. Bottom up approach, only used for cost estimation. Used most effectively in the definition phase., Delphi estimating - An approach that uses individual group members to independently produce estimates. These are reviewed, then summarised and fedback to the group members, who add their additional input. This is repeated until the facilitator is satisfied that all possibilities have been exhausted and the final estimate is agreed. Used throughout the project lifecycle.  ,

Estimation in project management

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