The Most Accurate and Time-Consuming Estimating Method

question 60

Multiple Choice

The most accurate and time-consuming estimating method:

• A) uses the statistical relationship that exists between historical data and a particular delineated list of other variables.
• B) is to identify the cost of each item in each activity of the schedule, including labor and materials.
• C) uses the actual costs from previous projects as a basis for estimating the costs for the current project.
• D) involves scaling estimates which are based on other project estimates upward or downward.
• E) involves sorting detailed cost estimates by activity and then subtotaling activities to determine the cost for each activity.

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Installs

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Principal and Agent

A relationship where the principal grants authority to the agent to act on the principal’s behalf in dealing with third parties.

Insurance

A financial product offering protection against possible future losses or damages in exchange for premium payments.

Trusts

Legal arrangements where one person, the trustee, holds property for the benefit of another, the beneficiary, according to the terms of the trust document.