The most accurate and time-consuming estimating method:
A) uses the statistical relationship that exists between historical data and a particular delineated list of other variables.
B) is to identify the cost of each item in each activity of the schedule, including labor and materials.
C) uses the actual costs from previous projects as a basis for estimating the costs for the current project.
D) involves scaling estimates which are based on other project estimates upward or downward.
E) involves sorting detailed cost estimates by activity and then subtotaling activities to determine the cost for each activity.

Question

Quizplus · Accepted Answer

Identifying the cost of each item in each activity of the schedule, including labor and materials, is known as bottom-up estimating or the most detailed estimating method. It is the most accurate but also the most time-consuming method.

The Most Accurate and Time-Consuming Estimating Method