Companies Are Using Which of the Following for Improving the Estimating

question 60

Multiple Choice

Companies are using which of the following for improving the estimating process for future projects?

• A) Adjusting estimates based on individual forecasting abilities
• B) Benchmarking and using the experience of other companies
• C) Using time and motion studies
• D) Creating historical databases of previous projects
• E) Establishing an estimating training course for all employees

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Definitions:

Marginal Social Cost

Sum of the marginal cost of production and the marginal external cost.

Air Pollutants

Substances in the air that can cause harm to humans and the environment.

Plastic Containers

Manufactured receptacles made from plastic materials, used for storing, transporting, and packaging goods.

Economic Inefficiency

A situation where resources are not allocated in the most effective way, resulting in waste or loss of potential benefit to society.