Which of the Following Five Steps (Out of Six) of Cost

question 16

Multiple Choice

Which of the following five steps (out of six) of cost estimation is out of order?

• A) Step 1: Define the cost object to be estimated.
• B) Step 2: Determine the cost driver(s).
• C) Step 3: Collect relevant data on the cost of the cost object and the cost driver.
• D) Step 4: Evaluate the accuracy of the cost estimate.
• E) Step 5: Select and employ the estimation method.

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Definitions:

Independent Variable

A variable in an experiment that is manipulated to observe its effect on the dependent variable.

Investigator

A person who carries out a systematic search or research, especially in order to discover new information or reach a new understanding.

Gender Identity

An individual's personal sense of their own gender, which may or may not correspond with their sex assigned at birth.