Both the Visual-Fit and High-Low Methods of Cost Estimation Have

question 27

Essay

Both the visual-fit and high-low methods of cost estimation have inherent limitations. Briefly identify the major deficiency associated with each method.

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Definitions:

Contractual Rights

Legal rights granted to parties within a contract, allowing them to demand the performance of certain duties outlined in the agreement.

Assignor

An assignor is a party that transfers rights or interests in a contract or property to another party, known as the assignee.

Negotiable Instruments

A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, which can be transferred to another party.

Electronic Transfers

The movement of funds between bank accounts through digital means, often executed via online banking platforms or electronic payment systems.