Time and Cost Estimates Should Be Done in a "Progressive

question 27

True/False

Time and cost estimates should be done in a "progressive elaboration" process, meaning they start out general and less accurate and over time become more detailed and accurate as the project proceeds.

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Definitions:

Capable

The quality of being able to achieve a specified task or outcome efficiently and effectively.

Consumer's Risk

The probability of accepting a defective product or service because the inspection or test fails to detect the flaw.

Hypothesis Testing

A statistical method that uses sample data to evaluate a hypothesis about the characteristics of a population.

Central Limit Theorem

A statistical theory stating that, given certain conditions, the distribution of the sum (or average) of a large number of independent, identically distributed variables will approach a normal distribution, regardless of the original variable's distribution.