Applications of parametrics: a historical perspective
Shermon, D
PRICE Systems

The objective of this paper is to stimulate and educate cost engineers and parametricians in the randomly documented applications of parametric cost models.

This paper will describe the chronological development of parametric cost and schedule model applications. From the early 1960s, parametric cost modelling has been a recognised technique for generating cost and schedule estimates, but since that time the technique has also been applied to solving numerous other problems beyond simple estimating.

This paper will provide a historical view of the applications of parametric cost and schedule models. It will summarise the documented applications and briefly describe the solutions they provide, including case studies and success stories. This is not intended to be a review of the history of parametric cost models; more, the focus will be on the applications to which these models can be applied.

The value of this paper is in highlighting the return on investment that is possible from these adaptable parametric models and to challenge the parametric community to provide more services through the use of these applications. Thereby, enabling their organisations to achieve a larger return on the investment made.