Introduction
My research aims at comparing two different methods of estimation, i.e. traditional estimation techniques and modern estimation techniques. Estimation is often an important part of any project. It has great implications for the cost, schedule and quality of any given project. Estimation involves assessing the cost, time and resources required for the successful completion of a project. In some cases, estimation also involves predicting future trends and potential outcomes.
Traditional Estimation Techniques
Traditional estimation techniques have been in use for centuries. These techniques are mainly based on experience and judgement of experts. They involve making rough estimates and guesstimates of the cost, time and resources required for the completion of a project. Such guesses are usually done without the help of any mathematical calculation or statistical methods. Traditional estimation techniques involve making the best use of available data and extrapolating it in order to arrive at estimates that are acceptably close to the desired results.
Modern Estimation Techniques
Modern estimation techniques are often found to be superior to traditional estimation techniques. They make use of a combination of mathematical and statistical methods. They involve the use of numeric calculations as well as probability to arrive at an estimate that is much more accurate than the traditional techniques. Such estimates are also often more reliable than traditional techniques since the math and probability can take into account future trends and potential outcomes of a project. Such techniques also offer the advantage of being reproducible which means that the same result can be achieved with different data sets.
Comparison
When comparing the two estimation techniques, both have their own benefits and drawbacks. Traditional techniques are generally faster and more cost effective than modern techniques, since there is less of a need for additional data processing and analysis. The accuracy of traditional techniques is, however, often lower than that of modern techniques. On the other hand, modern techniques require greater data processing and analysis and are thus more time consuming and expensive. However, the improved accuracy of modern techniques more than makes up for that by providing reliable estimates.
Conclusion
In conclusion, it can be seen that both traditional and modern estimation techniques have their own set of advantages and disadvantages. However, modern techniques are often found to be superior to traditional techniques when it comes to generating more accurate estimates with greater reliability. In some cases, the cost and time savings of traditional techniques are also attractive. Hence, the choice of the right estimation technique really depends on the objectives and criteria of the project or situation being assessed.
