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Yes. True
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What is a estimation?
an estimation is an educated guess as to the cost of a certain procedure or product.
What are advantage of sahlis method over other?
Sahli's method, used for hemoglobin estimation, offers several advantages over other techniques. It is simple, cost-effective, and requires minimal equipment, making it accessible in resource-limited settings. Additionally, the method provides quick results and is relatively easy to perform, which is beneficial for routine screenings in clinical practice. However, it may be less accurate than more sophisticated techniques like the cyanmethemoglobin method.
What advantages does using regression analysis have over the visual-fit method for determining cost functions?
Regression analysis offers several advantages over the visual-fit method for determining cost functions. Firstly, it provides a statistical framework that quantifies relationships between variables, allowing for more precise estimation of cost parameters and better predictions. Secondly, regression analysis can accommodate multiple variables and interactions, enhancing the model's robustness. Lastly, it includes metrics for assessing model fit and significance, helping to ensure the reliability and validity of the results.
What is the simplest method to measure a linear cost function from past data?
high-low method
How do you use the word estimation in a sentence?
By one estimation, several hundred gallons of oil leaked into the lake. Estimation can often provide an approximate number, rather than an exact number.
Can one cost estimation method can be used in combination with another method?
Yes. True
One cost estimation method can 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 a estimation?
an estimation is an educated guess as to the cost of a certain procedure or product.
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.
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.
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
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.
