A Key for Developing Project Cost Estimates Is To

question 73

Multiple Choice

A key for developing project cost estimates is to:

• A)cost the project while considering the total package.
• B)cost the project on a work package and task basis.
• C)cost the project on a major module basis.
• D)cost the project and add 33% for contingency.

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Definitions:

Marginal Benefit

Marginal benefit is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Marginal Cost

The growth in complete costs incurred by manufacturing an additional unit of a product or service.

Customer Satisfaction

The measure of how products or services meet or exceed customer expectations.

Product Quality

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.