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Difference between Parametric and Analogous Estimating?

I am getting confused between these two terms as both involves previous project history and parameter.
Any quick difference to remember?

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  • 2 Comments sorted by Votes Date Added
  • edited August 2012 Accepted Answer Vote Up0Vote Down

    Let me explain with an examples.

    1. Parametric - It costs $10 psf to install floor tiles. Your house has an area of 1000 sq. ft. How much would it cost to install the flooring in your entire house?

    2. Analogous - There's a tall building in front of your house and someone tells you that the building's construction cost was 100 million. Now you are asked to calculate the cost of a similar building, which is half the height of the first building. How much do you think it would cost?

    Hope you get the idea.

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