Which of the following statements are true regarding cost estimating techniques?

Question

Which of the following statements are true regarding cost estimating techniques?

Question options:

Bottom up estimating is a technique that uses statistical relationship between historical data and other variables to calculate a cost estimate

Analogous estimating is generally more costly than other techniques but produces more accurate estimates

Parametric estimates involves estimating the costs of individual work packages at the lowest level of detail, and “rolling up” and summarizing the costs at higher levels

None of the choices are true

1)

Bottom up estimating is a technique that uses statistical relationship between historical data and other variables to calculate a cost estimate

2)

Analogous estimating is generally more costly than other techniques but produces more accurate estimates

3)

Parametric estimates involves estimating the costs of individual work packages at the lowest level of detail, and “rolling up” and summarizing the costs at higher levels

4)

None of the choices are true

Explanation / Answer

4) None of the choices are true

Bottom up estimates involves estimating the costs of individual work packages at the lowest level of detail, and "rolling up" and summarizing the costs at the higher up. it porduces more accurate estimates than other methods.

Analogous estimation produces cost estimate by using historical data like-to-like projects but is less accurate than other methods

Parametric estimates uses statistical relationship between historical data and other variables to calculate a cost estimate

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