Question

in forecasting best practices, the baseline prediction is based on the

inside view

Outside view

Reference class

Answer 1

Ans:

In forecasting best practices, the baseline prediction is based on the Reference class.

For example, suppose we wish to forecast the duration of a particular consulting project. The inside view would approach this by reviewing the pending work streams and activities and summing up the total estimated time for each activity. By contrast, the outside view would begin by establishing a reference class of similar past projects and using their average duration as the base scenario; the forecast would then be further refined by comparing the specific features of this project to those of past projects.