What are some best practices for using analogy-based estimation for software projects?

Analogy-based estimation in software projects involves comparing the current project with past projects to predict effort, cost, and duration. Here are some best practices for using this technique:

• Selection of Historical Projects: Choose projects that are similar in scope, size, and complexity to the current project for accurate comparisons.
• Experienced Team Involvement: Involve experienced team members who have worked on the historical projects to provide insights and validate the estimates.
• Refinement of Historical Data: Continuously update and refine the historical data based on actuals to improve the accuracy of future estimations.
• Use of Multiple Analogies: Compare the current project with multiple historical projects to account for different factors and variables that may impact the estimation.
• Evaluation and Feedback: Regularly evaluate the accuracy of the estimations and gather feedback from the team to identify areas for improvement.