____ Involves Developing an Approximation or Estimate of the Costs

question 71

Multiple Choice

____ involves developing an approximation or estimate of the costs of the resources needed to complete a project.

• A)Determining the budget
• B)Consolidation of costs
• C)Controlling costs
• D)Estimating costs

---

Definitions:

Market Research

The process of gathering, analyzing, and interpreting information about a market, including about potential customers and competitors.

Exploratory Research

A method in research used to investigate a problem that is not clearly defined by gathering preliminary information that will help to define issues and suggest hypotheses.

Causal Research

A form of market research that seeks to determine the cause-and-effect relationships between variables, often through experiments or observational studies.

Descriptive Research

A research method focused on describing characteristics of a population or phenomenon being studied, without influencing variables.