Which of the following cost estimating techniques is commonly used to develop planning level cost estimates?

Question

Quizplus · Accepted Answer

Parametric estimating is commonly used to develop planning level cost estimates. While the scope of a project is usually not fully defined during the planning stage, major project parameters should be available. Statistical or non-statistical based ratios between historic cost data and major project parameters can be used to estimate the cost of various work items such as tons of riprap, cubic yards of concrete or lineal feet of pipe.

Which of the Following Cost Estimating Techniques Is Commonly Used