Historical relationships
“Historical Relationships” is a tool/technique for the process “Determine budget”.
Any historical relationships that result in parametric estimates or analogous estimates involve the use of project characteristics (parameters) to develop mathematical models to predict total project costs. Such models may be simple (e.g., residential home construction is based on a certain cost per square foot of space) or complex (e.g., one model of software development costing uses multiple separate adjustment factors, each of which has numerous points within it).
Both the cost and accuracy of analogous and parametric models can vary widely. They are most likely to be
reliable when:
– Historical information used to develop the model is accurate,
– Parameters used in the model are readily quantifiable, and – Models are scalable, such that they work for large projects, small projects, and phases of a project.
This definition was found in the PMBOK V5
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