Intro to Civil Engineering
Parametric estimating is a statistical method used to calculate project costs or durations based on historical data and established metrics. This technique involves identifying key parameters and applying mathematical formulas to predict future performance, making it especially useful in the early stages of project planning where precise data may not be available. By leveraging quantitative relationships, this approach helps in creating more accurate estimates that can guide budgeting and resource allocation.
congrats on reading the definition of Parametric Estimating. now let's actually learn it.