What method estimates project costs using the costs of past projects with similar scope and function?

The method that estimates project costs using the costs of past projects with similar scope and function is the Project Comparison Method. This approach relies on analysis of historical data from previous projects to develop cost estimates for new endeavors. By examining project characteristics such as size, complexity, location, and functionality, architects and project managers can create comparative models that guide budget expectations.

The strength of this method lies in its foundation on real-world experience, making it especially useful when direct measurements or detailed cost analyses are not feasible. This can lead to more accurate and relevant estimates by ensuring that the parameters of the new project are aligned with historical precedents.

In contrast, other methods such as the Area Method, which estimates costs based on the square footage or area of the project, may not adequately account for variations in design or functionality. The Assembly Method involves estimating the costs of assemblies or systems of work but is more focused on breaking down the project into components rather than comparing it to prior projects. The Market Approach evaluates current pricing trends in the market rather than relying on historical project data for similar buildings or functions.