Companies Are Using Which of the Following for Improving the Estimating

question 60

Multiple Choice

Companies are using which of the following for improving the estimating process for future projects?

• A) Adjusting estimates based on individual forecasting abilities
• B) Benchmarking and using the experience of other companies
• C) Using time and motion studies
• D) Creating historical databases of previous projects
• E) Establishing an estimating training course for all employees

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Definitions:

Academic Problem

A challenge or difficulty encountered in the educational setting, often impacting a student's learning, performance, or progress.

Representativeness Heuristic

A strategy for judging whether an individual, object, or event belongs in a certain category based on how typical of the category it seems to be.

Typical

Representing the characteristics or qualities of a particular group, category, or class; characteristic.

Frequency Judgment

The process of estimating the rate at which an event occurs or the likelihood of its occurrence.