Describe the Estimation Technique Called Guesstimating

question 4

Essay

Describe the estimation technique called Guesstimating.What are the strengths and weaknesses of this approach?

---

Definitions:

Retail Goods

Products that are sold to the end consumer for personal or household use.

Price Skimming

A pricing strategy where a firm charges the highest initial price that customers will pay and lowers it over time as demand at the higher price is satisfied.

Maximizing Profits

The process or strategy of adjusting the operations, pricing, and production of a business to generate the highest possible profit margins.

Development Costs

Costs incurred in the design and development phase of a project, often relating to the creation of new products or services.