Parametric modeling is an estimating method that uses project technical and programmatic characteristics to estimate project cost and/or schedule. It is a key technique for developing objective, consistent, repeatable, and accurate estimates. In this webinar you will learn the fundamentals of parametric modeling, including a hands-on worked example. Topics covered include practical considerations for real-world usefulness, techniques for avoiding overfitting, the role of machine learning in parametric modeling, incorporating uncertainty, and whether you should develop your own parametric models or use commercially available ones.

What you’ll learn:

1. Gaining a Competitive Advantage with Objective and Accurate Estimating Methods
2. The Four Types of Estimating Methods and What Distinguishes Parametric Estimating from the Other Three Methods
3. The Parametric Modeling Process
4. How to do Parametric Modeling (Step-by-Step Worked Example)
5. The Art and Science of Parametric Modeling – Real-World Considerations for Developing Useful Models
6. The Problem of Overfitting
7. The Role of Machine Learning in Parametric Modeling
8. Incorporating Uncertainty in Parametric Models
9. Make Vs. Build – Considerations in Developing your Own Model or Using Commercially Available Models

If you know a friend or colleague who may benefit from this learning session, please forward this post or send them to https://galorath.live to register.

About the speaker:

Dr. Christian Smart, Chief Scientist, Galorath Federal

– Former Cost Director for Missile Defense Agency
– Twenty years of experience with cost and schedule risk analysis, predictive analytics, probabilistic reliability analysis and machine learning
– Dr. Smart’s background in aerospace includes missile defense programs, nuclear thermal propulsion, hypersonics, and robotic and crewed space vehicles.
– Dr. Smart served as the lead cost estimator for the Ares I launch vehicle and served on the Review of United States Human Space Flight Plans Committee. He worked on a Space Shuttle probabilistic risk assessment.
– Dr. Smart served as Director for Cost Analytics for the Missile Defense Agency for seven years.

About Galorath

The Future. Delivered

Galorath provides solutions that help organizational leaders make complex business decisions with confidence. Our products and services give complete insight into the implications of a significant technical or financial decision, allowing organizations like NASA, U.S. Army, U.S. Navy, U.S. Air Force, Blue Origin, Boeing, Booz Allen Hamilton Holding, General Dynamics, Honeywell International, Lockheed Martin, Northrop Grumman and many others to execute a plan with assurance and reach their goals with absolute certainty. On the web at https://galorath.com/