Describe the conference method for estimating a cost function. What ave two advantages of Bis method?

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A$.$ The conference method estimates cost functions by analyang the relationstip between inputs and oulputs in physical lems. Advantages of the conference method include:

$2.$ Some government contracts mandalo its use.

B$.$ The conference method estrinahes coet functions by clasifying various cost accounts an variable, freed, or resed with respect to the identified level of activity. Advantages of the conlereroe method include:

Reomonatly acm rate.

Eavy to use.

C$.$ The conference method esifinates cost tunctions on the basis of ahalysis and opinions about cods and twir absers gatwered form various departrerts of a corpay. $($purchaning$,$ process engineering, mandactaring, enployee ralations, etc$)$ Advantages of the conforence method theired

The speed with which cosil estirnates can be fremoexed.

The pocing of knowledge from experts aonsus functional areas.

D$.$ The conference rethed uses a formal matherafical methed to tir eosit functions to pasit data cluervalons Alvartapes of the conterence