Place the Six Cost Estimation Steps into the Correct Order

question 21

Multiple Choice

Place the six cost estimation steps into the correct order:

1. Determine the cost drivers
2. Graph the data
3. Select and employ the appropriate estimation method
4. Define the cost object for which the related costs are to be estimated
5. Evaluate the accuracy of the cost estimate
6. Collect consistent and accurate data on the cost object and the cost drivers

• A) 6,4,1,3,5,2.
• B) 4,1,6,2,3,5.
• C) 2,1,4,3,6,5.
• D) 1,3,4,6,5,2.

Recognize the role of deindustrialization and economic theory in shaping the American economy and workforce.

Understand the enhancements and efficiencies that technology introduces to HR processes.

Recognize the various digital platforms and service models used in HR, including HRIS, ERP, and self-service systems.

Identify the roles and benefits of outsourcing HR functions and the types of activities that can be outsourced.

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Definitions:

Survey

A method of gathering information from individuals, typically by asking questions to a representative sample of people to draw conclusions about the whole population.

Data Collection

The process of gathering and measuring information on targeted variables to answer relevant questions and evaluate outcomes.

Quick

Characterized by rapidity or speed in movement, action, or thought.

Causal Relationship

A connection between two variables where a change in one directly causes a change in the other.