Question: Describe three tools used in developing a good cost estimate with examples. Parametric estimating Bottom up estimating Analogous Estimating

Describe three tools used in developing a good cost estimate with examples.

Parametric estimating 

Bottom up estimating 

Analogous Estimating 

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Certainly Here are descriptions of three tools used in developing a good cost estimate along with examples 1 Parametric Estimating Description Paramet... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Q:

List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...

Q:

Googles ease of use and superior search results have propelled the search engine to its num- ber one status, ousting the early dominance of competitors such as WebCrawler and Infos- eek. Even later...

Q:

1. What are the three basic types of cost estimating? Describe each type. (20 marks) 2. Describe three tools used in developing a good cost estimate. (20 marks) 3. Describe the concepts of informal...

Q:

1. What are the three basic types of cost estimating? Describe each type. (20 marks) 2. Describe three tools used in developing a good cost estimate. (20 marks) 3. Describe the concepts of informal...

Q:

1. What are the three basic types of cost estimating? Describe each type. (20 marks) 2. Describe three tools used in developing a good cost estimate. (20 marks) 3. Describe the concepts of informal...

Q:

2. Describe three tools used in developing a good cost estimate. (20 marks) 3. Describe the concepts of informal methods for distributing information. How do they compare to formal methods for...

Q:

Question 3 (a) What are the three basic types of cost estimating? Describe each type. (20 marks) (b) Describe three tools used in developing a good cost estimate. (20 marks)

Q:

You are estimating the cost of an activity on your project and you come across some documentation from a prior project that would be very helpful this activity is almost identical to the activity...

Q:

Early in a project when very little detail is known about a project, to get a quick rough estimate we can use: a. parametric estimate b. analogous estimate c. pert estimate d. bottomup estimate 15?...

Q:

Caspian Sea Drinks is considering buying the J-Mix 2000. It will allow them to make and sell more product. The machine cost $1.65 million and create incremental cash flows of $472,876.00 each year...

Q:

For each of the following events or transactions, identify the fund or funds that will be affected. 1. A new city government establishes an employee pension program. 2. A utility department...

Q:

Construct AXYZ such that XY = 10.2cm X hat YZ = 60 deg and gamma hat Xz = 45 deg Measure and write down the length of XZ.

Q:

The Pineapple Pen Company is divided into two operating divisions: pens and pencils. The company allocates the cost of the cafeteria and the maintenance department to each operating division using...

Q:

The post-closing trial balance of Jajoo Corporation at December 31, 2014, contains the following shareholders' equity accounts: $5 noncumulative preferred shares (10,000...

Q:

The comparative balance sheet of Harris Industries Inc. at December 31, 2016 and 2015, is as follows: An examination of the income statement and the accounting records revealed the following...

Q:

Narda Company purchased land containing an estimate 4,000,000 tons of ore for $16,000,000. The land will be worth $2,400,000 without the ore after 8 years of active mining. Although the equipment...

Q:

Data for Hollins Company are given in BE21-8. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion costs...

Q:

The values you see are not optimal. Which of the following is true about the optimal solution? a. none of the resource constraints are binding b. not all products are produced at positive levels. c....

Q:

Xerox Corporation (Xerox), once a star in the technology sector of the economy, found itself engulfed in an accounting scandal alleging that it was too aggressive in recognizing equipment revenue.1...

Q:

Apple Inc. (Apple) is a worldwide provider of innovative technology products and services. Apples products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer...

Q:

The Runners Shop (TRS) was a family-owned business founded 17 years ago by Robert and Andrea Johnson. In July of 2018, TRS found itself experiencing a severe cash shortage that forced it to file for...

Q:

For the data involving regression of DI (Y) on IQ (X) in Problem 4 in Chapter 5, assume that the sample of 17 observations (with the outlier removed) consists of males only. Now suppose that another...

Q:

Repeat Problem 9 using LN_BLDTL as the dependent variable. Problem 9 This problem involves data from Problem 15 in Chapter 5. Treat LN_BRNTL as the dependent variable and dosage level of toluene...

Q:

A team of anthropologists and nutrition experts investigated the influence of protein content in diet on the relationship between AGE and height (HT) for New Guinean children. The first two...