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    Estimation Techniques

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    Five duration estimation techniques. describe the advantages and disadvantages for each of the five techniques. Include an example of when it is appropriate to use each technique.

    These are the techniques

    1. Stochastic Approach
    2. Deterministic Approach
    3. Modular Technique
    4. Benchmark Job Technique
    5. Parametric Technique

    The book that I am using Project Management Process Methodologies, and economics 2nd edition.

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    Solution Preview

    Stochastic Approach - Advantages - provides the ability to derive standard errors for the estimates of purchasing power parities. (utilizes ranges of values - probability distributions)
    Disadvantages - The perceived costs are not independent

    A notable special case is where the time is a discrete set, for example the nonnegative integers {0, 1, 2, 3, ...}. Another important special case is .
    Stochastic processes may be defined in higher dimensions by attaching a multivariate random ...

    Solution Summary

    The solution provides five duration estimation techniques.