3. The parametric method: what answers can it provide when we have a bit more data?
Whenever the project permits, we focus on a "product line". One of the most effective methods, the parametric method, involves linking economic data to the project's technical data. Here are a few examples:
One might think that the production cost of an engine is linked to its power.
Similarly (historical example), the production cost of a camping tent is linked to the number of poles.
Finally, the cost of running a telemarketing service depends on the number of people working in it.
Readers can imagine why for themselves.
The parametric method involves asking the question (and/or the experts in the relevant departments) as to which parameter could be used.
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Experts...
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The parametric method: what answers can it provide when we have a bit more data?
The analytical method: what answers can it provide?
ToolWebsites
www.minitab.com/fr A very useful statistical data processing software package, which enables data to be processed using both statistical methods.
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