Have you heard of the parametric estimate?

I just need to rely to this statements. Please number the reply once you finished.
1. Have you heard of the parametric estimate? Often some folks will get confused with it and analogous, but here is a pretty good site (see hyperlink) that can explain the difference between the 2. Let me know what you think. Which would you use?.
2. So when you are working on a project how is the project budget determined? There is a lot that goes into the project budget determination. I know in some cases you are just given $XX amount of money and told to execute the project, but project budget estimations should have a little more fidelity. One way to do this is build your Work Breakdown structure (WBS), this should tell you all the work/activities that needs to be accomplished…now that you know the activities you can build the schedule, determine manning requirements and then use all that data to build a very accurate budget for the project. Is this how your organization determines budgets or in there another method used?

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