Final answer:
Methods used to estimate progress are quantitative-based and qualitative-based, with the former focusing on numerical data and the latter on subjective assessments. Understanding the relationship between variables is crucial to both methods.
Step-by-step explanation:
Methods that can be used to estimate progress toward completion are referred to as quantitative-based and qualitative-based methods. In the context of estimating progress, quantitative methods rely on numerical data and observable metrics, while qualitative methods are based on subjective assessment and interpretation. To make accurate progress estimations, it is helpful to understand how different variables may be related within the context of a project or study.
Quantitative Estimation
In quantitative estimations, numerical data such as time, cost, and resource utilization are used to make projections about the progress and completion of a project. This could involve statistical analysis, forecasting, and the use of algorithms to predict outcomes. It is a more objective form of estimation, relying on measurable data and mathematical calculations.
Qualitative Estimation
Qualitative estimation, on the other hand, might involve expert judgments, interviews, or surveys to gauge progress. This type of estimation is more subjective and dependent on personal perspectives and experiences, making it useful for collecting insights on aspects of a project that are not easily quantified.
Both methods are essential in different scenarios, and sometimes a combination of both is used to have a more robust estimation approach. Understanding variables and their relationships is crucial in practicing the art of estimation, whether it is qualitative or quantitative in nature. This understanding helps in making informed decisions based on estimated progress.