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.

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Definitions:

Economic Espionage Act

A United States law making the theft or misappropriation of trade secrets to benefit a foreign government a federal crime.

Cyber Crime Act

Legislation that defines illegal activities conducted via the internet or electronic networks and outlines penalties for violators.

Probable Cause

Reasonable grounds to believe the existence of facts warranting certain actions, such as the search or arrest of a person.

Likely Crime

An action or omission that is probable to be considered criminal under the law.