Conceptual estimating tool for technology-driven projects: exploring parametric estimating technique

This paper examines a parametric estimating technique applied to technology-driven projects. Parametric cost estimating is a widely used approach for bidding on a contract, input into a cost benefit analysis, or as the pre-planning tool for project implementation. Extensive literature reviews suggest that effective parametric estimating methodology is becoming an essential tool for technology-driven organizations. The use of parametric estimating in budgeting, scheduling, and control of projects will enhance the ability of project management organizations to effectively and efficiently utilize valuable resources. The benefit of parametric estimating is its use as an estimating model for better determining potential resource requirements during the project pre-planning and conceptual phase. q 2004 Elsevier Ltd. All rights reserved.