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Parametric Estimate

Parametric estimating requires historical data bases on similar systems or subsystems. Statistical analysis is performed on the data to find correlations between cost drivers and other system parameters, such as design or performance parameters. The analysis produces cost…
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Definition 1

Parametric estimating requires historical data bases on similar systems or subsystems. Statistical analysis is performed on the data to find correlations between cost drivers and other system parameters, such as design or performance parameters. The analysis produces cost equations or cost estimating relationships that can be used individually or grouped into more complex models.

CategoriesFinance, Procurement
Term OPIPM - Office of Project Management Oversight and Assessments
Definition typeDefinition
RelatedSources

Source 1:

DOE G 430.1-1, Cost Estimating Guide
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