Using actual and estimated cost figures to estimate the degree of completion of a long-term construction project is an example of an input-based approach to estimation.

Question

Quizplus · Accepted Answer

Input-based approach relies on the actual cost incurred and estimated cost to complete the project. This approach estimates the degree of completion by analyzing the cost incurred so far and estimating the cost to complete the remaining work. Therefore, the given statement is true.

Using Actual and Estimated Cost Figures to Estimate the Degree