Describe the Estimation Technique Called the Delphi Technique

question 82

Essay

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

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Definitions:

Direct Labor

The workforce costs that are directly attributable to the production of goods or services, such as wages for factory workers.

Factory Overhead

Factory overhead encompasses all indirect costs associated with manufacturing, including utilities, depreciation, and maintenance expenses.

Direct Materials

Raw materials that can be directly attributed to the production process of a product.

Factory Overhead

Factory overhead encompasses all indirect costs involved in manufacturing a product, including utility expenses, maintenance of equipment, and salaries of indirect labor.