The correct answer is C. cost estimation.
Cost estimation is the process of predicting the costs associated with a project or activity. It is a critical part of project management, as it allows project managers to make informed decisions about how to allocate resources and manage risks.
There are a number of different cost estimation techniques, each with its own strengths and weaknesses. Some of the most common techniques include:
- Bottom-up estimating: This involves estimating the costs of individual tasks or activities and then aggregating these estimates to arrive at a total cost estimate.
- Top-down estimating: This involves starting with an overall budget for the project and then breaking it down into smaller, more manageable chunks.
- Analogous estimating: This involves using the costs of similar projects to estimate the costs of the current project.
- Parametric estimating: This involves using mathematical models to estimate the costs of projects based on factors such as the size, complexity, and duration of the project.
The best cost estimation technique to use will depend on the specific project and the level of detail required. However, all cost estimation techniques should be based on sound data and should be updated regularly as the project progresses.
Unit estimation is the process of determining the number of units of a product or service that will be required to meet demand. It is a critical part of production planning, as it allows businesses to determine how much inventory to order and how many workers to hire.
Production estimation is the process of determining the amount of time and resources that will be required to produce a product or service. It is a critical part of project management, as it allows project managers to make informed decisions about how to allocate resources and manage risks.
Price estimation is the process of determining the price that should be charged for a product or service. It is a critical part of marketing, as it allows businesses to set prices that will maximize profits.
In conclusion, the correct answer is C. cost estimation. Cost estimation is the process of predicting the costs associated with a project or activity. It is a critical part of project management, as it allows project managers to make informed decisions about how to allocate resources and manage risks.