When Asked to Provide an Estimate of an Irrigation System,Pete

question 97

Multiple Choice

When asked to provide an estimate of an irrigation system,Pete looked from one end of the field to the other,licked a finger and held it in the air,squinted into the sun and said $25,000,give or take 30%.The technique employed for cost estimation is:

• A)parametric.
• B)comparative.
• C)definitive.
• D)ballpark.

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Definitions:

High Fructose Corn Syrup

A sweetener made from corn starch that has been processed by glucose isomerase to convert some of its glucose into fructose.

Product Differentiation

The strategy businesses use to distinguish their products or services from those of competitors in ways that appeal to customers.

Scarce Resources

Essential inputs such as labor, capital, and natural resources that are limited in supply and are allocated for various uses in production.

Vertical Differentiation

A market condition where products are differentiated based on quality, with consumers willing to pay more for higher-quality items.