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Describe Three Tools Used in Developing a Good Cost Estimate

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 Describe three tools used in developing a good cost estimate.


Definitions:

Age-Adjusted

A statistical process used to compare two or more populations at one point in time or one population over time after factoring out the influence of age.

Direct Adjustment

A statistical method used to eliminate the effects of confounding variables by standardizing to a common distribution.

Indirect Adjustment

A statistical method used to control or modify the effects of confounding variables on a primary relationship of interest by applying correction factors derived from external data.

Infant

A child in the earliest stage of life, typically defined as being from birth up to one year of age.

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