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If the Cost Estimate for a Project Is a Basis

question 40

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If the cost estimate for a project is a basis for contract awards and performance reporting, it should be a(n) _____ estimate and as accurate as possible.


Definitions:

Miscommunication

A failure to convey or understand a message correctly, leading to misunderstandings or errors.

Confidence Interval

A range of values, derived from sample statistics, that is believed to contain the true value of an unknown population parameter with a specified level of confidence.

Margin Of Error

A statistic expressing the amount of random sampling error in a survey's results, indicating the expected range in which the true value lies.

Sample Size

The number of observations or individuals in a subset of a population selected for analysis or experimentation.

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