BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which one is not included in the cost estimation
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planning
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decision-making
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changing
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control
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Explanation:
Detailed explanation-1: -Cost estimation in project management is the process of forecasting the financial and other resources needed to complete a project within a defined scope. Cost estimation accounts for each element required for the project-from materials to labor-and calculates a total amount that determines a project’s budget.
Detailed explanation-2: -1 Answer. For explanation: Critical is no such standard approach of cost estimation.
Detailed explanation-3: -Methods of Cost Estimation in Projects. 1) Expert Judgement Method. 2) Analogous Estimating Method. 3) Parametric Estimating Method.
There is 1 question to complete.