Analogous Estimating: An estimating technique that uses the cost along with measures of scale such as size, weight or complexity from a previous project to estimate cost for a similar future project. (Aka Top Down, -40% to +100%)
Parametric Estimating: An estimating technique that uses a statistical relationship between historical data and other variables to calculate project costs. (More accurate, -30% to +50%)
Bottom-Up Estimating: Estimating project decomposed of detail, time consumption, most accurate form of estimation, ensures every item is included. (High Accuracy, -10% to 15%)

Value Engineering: Creative approach used to optimize project costs, save time, increase profits, improve quality, expand market share, solve problems and/ use resources more effectively. PERT+ CPM = used for project
Life Cycle Costing: Includes total costs of creating and using the project during its useful life. Consider disposition costs of the product after its useful life is complete.
Contingency reserve is calculated during risk analysis. Management reserve is determined by how much uncertainty management feels exists in project Project Risk Management: Systematic process of identifying, analyzing and responding to project risks. The purpose of this is to reduce overall project risk level. (Benefits: Proactive rather than reactive, reduces surprises/ negative consequences, provides better control over the future, improves chances of reaching project performance.)
EMV = Likelihood x Impact. (Likelihood is the probability of occurrence and impact is the amount at stake
Qualitative Risk Analysis: Process of prioritizing risks for subsequent further analysis or action by assessing and combining their probability and impact. (Doesn’t use numbers, uses high/low/medium risk, uses words)
Quantitative Risk Analysis: (Based on numbers, show risk, probability, impact, EMV aka