Parametric Estimating [Technique]
An estimating technique that uses a statistical relationship between historical data and other variables (e.g., square footage in construction, lines of code in software development) to calculate an estimate for activity parameters, such as scope, cost, budget, and duration. This technique can produce higher levels of accuracy depending upon the sophistication and the underlying data built into the model. An example for the cost parameter is multiplying the planned quantity of work to be performed by the historical cost per unit to obtain the estimated cost.
Source: http://www.wsdot.wa.gov/publications/fulltext/ProjectMgmt/PMOG/PM_Glossary.pdf
Web site to visit: http://www.wsdot.wa.gov/
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