When estimating a cost function,we assess reliability using ________.
A) visual inspection
B) plausible relationships
C) goodness of fit
D) intuition

Question

Quizplus · Accepted Answer

Goodness of fit is the most appropriate measure to assess the reliability of a cost function estimate. It involves comparing the actual values of the cost function with the values predicted by the estimate. The closer the predicted values are to the actual values, the higher the goodness of fit, and hence the higher the reliability of the estimate. Visual inspection, plausible relationships or intuition may be used as a preliminary step, but they cannot be relied upon as the sole measure of reliability.

When Estimating a Cost Function,we Assess Reliability Using ________