Project Cost Analogous Estimating Technic
Analogous cost estimating means using the actual cost of previous, similar projects as the basis for estimating the cost of the current project. Analogous cost estimating is frequently used to estimate costs when there is a limited amount of detailed information about the project (e.g., in the early phases). Analogous cost estimating uses expert judgment.
Analogous cost estimating is generally less costly than other techniques, but it is also generally less accurate. It is most reliable when previous projects are similar in fact, and not just in appearance, and the persons or groups preparing the estimates have the needed expertise.