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What Is Parametric Modeling

Parametric modeling uses mathematical equations and project variables to simulate projects and optimize feasibility. It takes historical project data to build models that can predict outcomes. Commercial parametric modeling tools provide extensive feedback through graphical interfaces to help assess estimates and risks, drawing on embedded experience from past projects.

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Najeeb Ahmad Khan
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123 views1 page

What Is Parametric Modeling

Parametric modeling uses mathematical equations and project variables to simulate projects and optimize feasibility. It takes historical project data to build models that can predict outcomes. Commercial parametric modeling tools provide extensive feedback through graphical interfaces to help assess estimates and risks, drawing on embedded experience from past projects.

Uploaded by

Najeeb Ahmad Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

What is Parametric Modeling?

Unlike most project management tools which focus on automating features or


workflow, parametric, predictive modeling tools help organizations model and
optimize project feasibility and ensure that projects meet established delivery
guidelines. Parametric modeling takes its name from the project parameters or
variables that are modified during the project simulation process.

Parametric models are built from a set of mathematical equations. These may be
standard equations found in reference books, proprietary equations developed by
consultants or vendors, or some combination of the two. In order for parametric
models to have any validity they must be based on or proven using actual project
data. It is the sophistication of the data analysis methods and the extensiveness of
the underlying project data, which determines the effectiveness of a modeling
solution.

Parametric methods are very useful for subjecting uncertain situations to the
rigors of a pre-defined and proven mathematical model. They can usefully embody
a great deal of prior experience and are less biased than human thought
processes alone.

Commercial parametric modeling solutions typically offer extensive graphical


feedback, thus making them easier to use. Commercial models also offer other
benefits, including support for risk-based inputs, sizing "wizards" and numerous
assessment mechanisms to improve the accuracy of estimates.

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