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Which Is the Most Accurate and Time-Consuming Estimating Method? Explain

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Which is the most accurate and time-consuming estimating method? Explain.


Definitions:

Standard Deviation

An indicator of the degree of variation or spread within a collection of numbers.

Variability

The extent to which data points in a data set differ from each other and from the mean.

Range

The difference between the highest and lowest values in a data set.

Coefficient of Variation

A normalized measure of dispersion of a probability distribution, calculated as the ratio of the standard deviation to the mean, usually expressed as a percentage.

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