It May Be Easier to Estimate the Costs for ____

question 88

Multiple Choice

It may be easier to estimate the costs for ____, but as the project progresses, the project team can progressively elaborate the estimated costs as more information is known or becomes clear to allow for more accurate estimated costs.

• A) near-term activities
• B) activities near the end of the project
• C) new activities with new procedures
• D) activities with long durations

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Definitions:

Weighted Average

It's a calculation that takes into account the varying degrees of importance of the numbers in a data set, often used in determining the cost of inventory.

Erratic Changes

Unpredictable fluctuations that do not follow a set pattern or trend, often affecting financial markets or economic conditions.

Inventory Cost Method

An accounting technique used to determine the value of a business's inventory and cost of goods sold, such as FIFO (First In, First Out) or LIFO (Last In, First Out) methods.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenues, indicating financial performance over a specific period.