Difference between Parametric and Analogous Estimating?

SumitK

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

Harwinder

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.

SumitK

. Nice approach