Hello everyone! Here is this week's free PMP® exam sample question from the PM Exam Simulator.
Which of the following techniques uses a statistical relationship between historical data and other variables to calculate a cost estimate for a schedule acitivity resource?
A. Bottom Up Estimating
B. Analogous Estimating
C. Parametric Estimating
D. Activity Cost Estimating
HINT: Examples of other variables are square footage, cost per unit etc.
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Answer and Explanation:
The correct answer is C.
Parametric estimating uses the statistical relationship between historical data and other variables to calculate a cost estimate for a schedule activity resource.