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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Definitions:

Incompetent Person

Refers to an individual who is legally declared unable to handle their own affairs due to mental incapacity or illness.

Reasonable Value

The fair or market price of goods or services, considered to be a fair compensation in legal contexts.

Necessary Item

A good or service required for basic living or to fulfill certain legal obligations.

Necessary Item

Essential goods or services required for individuals to maintain their living standard or for businesses to operate efficiently.