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TOPIC: parametric estimating and metrics DIFFERENCE

parametric estimating and metrics DIFFERENCE 7 years 1 month ago #748

  • Lucia R
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PMBOK 4th edition page 150 is clear about what are parametric estimates, however the word metrics appears also in several materials regarding project management, this is a subtle question but for some reason I relate these 2 terms, however I would like to know if somebody understands the real difference between PARAMETRIC ESTIMATING AND METICS, I relate "metrics" more to the result of measurements and "parametric estimating" more to the process itself of calculating data with information given, I would very much appreciate if someone would like to comment on this. -I am only learning to take the PMP exam so pls excuse since surely engineers might think question is not worthwhile, I therefore apologize but formus are precisely to help each other so I thought I would give it a try. thank you very much for the attention you may give to my doubt.

Re:parametric estimating and metrics DIFFERENCE 7 years 1 month ago #749

  • JD Crump, PMP, ITIL-F
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Lucia:

I believe you have it correct already. Parametric estimating is an action whereas metrics are measurements or outcomes. Thus, parametric estimating would not only use metrics as input (historical data) but also produce a new set of metrics (measurements or outcomes) after compared to a set of parameters.

JD

Re:parametric estimating and metrics DIFFERENCE 7 years 1 month ago #751

  • Cornelius Fichtner
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Lucia,

Yes, you have it right.

Parametric estimating is used when you are estimating the cost of a project. For example: bathroom floor costs $20 per square meter, therefore 100 square meters cost $2,000

Metrics are mostly used in the sense of "project targets". Example: After our project is implemented we want to increase production by 15%.
Until Next Time,
Cornelius Fichtner, PMP, CSM
President, OSP International LLC

Re:parametric estimating and metrics DIFFERENCE 7 years 1 month ago #787

  • Lucia R
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tks a lot! clear now

Re:parametric estimating and metrics DIFFERENCE 7 years 1 month ago #788

  • Lucia R
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hello Cornelius, tks for your clear reply as usual!!!, as I am new at forums, forgive my question but is it all right to thank this way or should I press karma and applaud or what is the usual way to be kind and appreciate the support somebody gives at clarifying and reply when I ask a question
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