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Yes. True
What else can I help you with?
What is the different between estimation and budget?
estimation is how much you think it would costs and budget is how much you decide it will cost after several estimations. budget is how much you can spend.
Suggest you a software where you can do cost estimation budgeting and planning?
I found a wonderful software to do cost estimation, budgeting in direct and indirect, resource management and easy way to sheduling the tasks. The name of the software is ProBID+ 2009. Link is as below. http://www.aeclogic.com/ProBID.aspx I hope this sofware is very useful to you also. All the best.
Who invented a new method of producing low-cost steel?
Henry Bessemer
What is the software engineering problem?
Lines of code and function points were described as measures from which productivity metrics can be computed. LOC and FP data are used in two ways during software project estimation: (1) as an estimation variable to "size" each element of the software and (2) as baseline metrics collected from past projects and used in conjunction with estimation variables to develop cost and effort projections.
What is the most cost effective method to remove Bituminous waterproofing from a concrete shear wall?
Regional prices can vary, but scraping and waterblasting are typically the most cost-effective means of removal.
Can one cost estimation method can be used in combination with another method?
Yes. True
Can one cost estimation method be used in combination with another method?
Yes. True
Software Estimation Method - Comparison?
estimation is all about Size and scope Effort Time Schedule and Cost. for a s/w development process. Satyajit Kumar Sethy(Wipro Technology)
What is the major drawback in the high low method of cost estimation?
The major drawback of the high-low method of cost estimation is that it relies on only two data points—the highest and lowest levels of activity—potentially overlooking other relevant data that could provide a more accurate cost estimate. This simplification can lead to misleading conclusions, especially if the selected points are outliers or not representative of typical operations. Additionally, the method assumes a linear relationship between costs and activity levels, which may not hold true in all situations.
Difference between pre-feasibility and feasibility?
The most difference is on cost estimation. In PreFS, cost estimation is based on assumptions while cost estimation in FS is normally based on vendors' offers/proposals, at least for expensive price equipment/materials.
What is the basic difference between account analysis method and high-low method as applied in cost estimation?
The basic difference between the account analysis method and the high-low method in cost estimation lies in their approach to identifying fixed and variable costs. The account analysis method involves a detailed review of each account in the financial records to classify costs based on their nature, while the high-low method uses only the highest and lowest activity levels to estimate variable and fixed costs, making it simpler but potentially less accurate. The account analysis method provides a more comprehensive view, whereas the high-low method is quicker but may overlook variations within the data.
What is a estimation?
an estimation is an educated guess as to the cost of a certain procedure or product.
Scientists use many methods to determine the size of a population Which method is best for extremely large populations?
For extremely large populations, the best method to determine size is often statistical sampling. This involves taking a representative sample of the population and using statistical techniques to estimate the full population size. This method is efficient and cost-effective for large populations.
What is algorithmic cost estimation?
Algorithmic cost estimation is a quantitative approach used to predict the costs associated with a project or task based on historical data and mathematical models. It utilizes algorithms that take into account various factors, such as project size, complexity, and resource requirements, to generate estimates. This method is often employed in software development, engineering, and project management to improve accuracy and reduce uncertainty in budgeting and resource allocation. By leveraging past performance data, algorithmic cost estimation helps organizations make informed financial decisions.
Why cost estimation is important for project management?
Cost estimation is important because each project has the risk of added costs that weren't consider up front throwing the project into a state where you may not have the budget required to continue working on the project. The cost estimation should include the initial assessment plus % available for added costs.
Full form of cocomo?
COCOMO constructive cost estimation model
What is the difference between estimation and costing?
1,estimation is finding the cost before it has been actually manufactured. and costing is finding cost after manufacturing the product including the defect product cost. 2,estimation need high technical skills and knowledge hence its done by engineering department but costing need high accounting skills hence its usually done by Accountants or account departments 3,estimation foresee the probable cost and hence it can be used to decide whether one need to produce a particular product or not. or if its profitable or not costing helps to understand to what extent the estimation holds good also when and where it fails
