Resource Estimation Techniques

Resource estimation techniques are methods used to predict the amount of resources—such as materials, labor, and equipment—needed for a project. Techniques like analogous estimation compare current project details to similar past projects to make predictions. Parametric estimation uses mathematical models with specific parameters to calculate costs or resources. Bottom-up estimation involves detailed assessments of each task, then summing them for the total. These techniques help project managers plan accurately, control costs, and ensure resources are available when needed. They are essential for managing risks and delivering projects efficiently.