Cost Estimation Techniques - Estimation methods
9 important questions on Cost Estimation Techniques - Estimation methods
What is the purpose of estimating techniques?
Give;
- [3] cost and revenue classifications;
- Definition;
- Level of accuracy;
- Level WBS
- Order-of-magnitude estimates | Selecting feasible alternatives | +/- 30% | Level 1 and 2
- Semi detailed, or budget, estimates | Preliminary descisions | +/- 15 % | Level 2 and 3
- Definitive estimates | Bids and more detailed design decisions | +/- 5% | Level 3
On what does the level of detail and accuracy of estimates in developing cash-flow projections depend on? [5]
- Time and effort available justified by the importance
- The difficulty of estimating the items
- Methods or techniques employed
- Qualifications of the estimators
- Sensitivity of study results
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What are [4] sources for data estimations?
- Accounting records
- Additinoal sources within firm
- Sources outside firm
- R&D
What are the pro and cons of usage of accounting records as a data resource?
What are other sources inside the firm as a data resource?
What are sources outside the firm as a data resource?
What are typical examples of using R&D as a data source?
Estimating techniques | Indexes
For what [3] reasons do cost and prices vary in time?
- Technological advances
- Availability labour and material
- Inflation
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