The correct answer is: D. choose cost estimation method
A cost estimation method is a systematic approach to estimating the costs of a project, product, or service. There are many different cost estimation methods, each with its own strengths and weaknesses. The choice of cost estimation method will depend on the specific project or product being estimated, as well as the level of accuracy required.
Some common cost estimation methods include:
- Top-down estimating: This method starts with an estimate of the total cost of the project or product, and then breaks down this estimate into smaller, more detailed estimates.
- Bottom-up estimating: This method starts with estimates of the costs of individual tasks or components, and then aggregates these estimates to get a total cost estimate.
- Parametric estimating: This method uses historical data and statistical relationships to estimate the costs of similar projects or products.
- Analogous estimating: This method uses the costs of similar projects or products to estimate the costs of the current project or product.
The choice of cost estimation method is an important decision that can have a significant impact on the success of a project. It is important to carefully consider the specific needs of the project or product when choosing a cost estimation method.
Here is a brief explanation of each option:
- A. choose price estimation method: This is not the first step in estimation of cost function by using quantitative analysis. The first step is to choose a cost estimation method.
- B. choose dependent variable: The dependent variable is the variable that is being estimated. In the case of cost estimation, the dependent variable is the cost of the project or product.
- C. choose independent variable: The independent variable is the variable that is used to estimate the dependent variable. In the case of cost estimation, the independent variables are the factors that affect the cost of the project or product, such as the scope of the project, the complexity of the product, and the time required to complete the project.