One of the foundational aspects of Parakeeto is the ability to use data about past projects to estimate new projects.
That means choosing the right projects to use as comparables is an important step in making sure you get the most accurate project budgets for your future work.
How to select comparable projects
The first step when logging into Parakeeto or creating a new estimate will be to select comparable projects from your Harvest account.
You can search for specific projects or clients using the search box:
Or sort through projects using the sort function in the table headers
If you feel there are projects or clients missing from the project picker, you can trigger a new sync and pull in the most recent snapshot of data from your Harvest account by clicking the "Trigger Sync" button
To continue building your estimate, you'll need to select at least 2 projects to use as comparables. However, you can select as many as you'd like. The more you select, the more accurate your estimate is likely to be.
What is a good comparable project?
So, what is considered a good project to use as a comparable?
The way to think about this is in terms of project "structure'
We want to choose projects that are a similar "type" of work as the new project we're creating an estimate for.
if we were building an estimate for a new Website project, we'd want to select other website projects from our Harvest account.
Website projects - Use other website projects
Video projects - Use other video projects
Ad Campaigns - Use other ad campaigns
We would NOT want to use video projects as comparables for a website estimate since they likely won't require a similar mix of people and skillsets to complete.
Budgets and Hours
Believe it or not, choosing projects with a similar budget and scope is not required or encouraged as part of building an accurate estimate in Parakeeto.
In fact, we encourage you to choose many projects of a similar type but with a broad range of hours and budgets.
If we're building an estimate for a client who needs a website and has a budget in the $50K range. We might select a few websites with lower budgets (10-30K) a few with similar budgets (40-60K) and a few with higher budgets (70-100K)
Especially in the case where there are no past projects with a similar scope or budget, choosing projects of a similar type with a wide range of budgets and hours will become increasingly important to help you generate a more accurate estimate.