The correct answer is: B. 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 a number of factors, including the type of project, the level of detail required, and the available resources.
Some common cost estimation methods include:
- Analogous estimating: This method involves estimating the costs of a new project by comparing it to similar projects that have been completed in the past.
- Bottom-up estimating: This method involves estimating the costs of individual tasks or components of a project and then adding up these estimates to get the total project cost.
- Top-down estimating: This method involves estimating the total cost of a project and then breaking this down into estimates for individual tasks or components.
- Parametric estimating: This method involves using mathematical models to estimate the costs of a project based on factors such as the size, complexity, and duration of the project.
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 select a method that is appropriate for the type of project and that will provide accurate and reliable estimates.
The other options are incorrect because:
- A. choose independent variable: The independent variable is the variable that is changed in an experiment to see how it affects the dependent variable. In the context of cost estimation, the independent variable would be the factors that are thought to affect the cost of a project, such as the size, complexity, and duration of the project.
- C. choose price estimation method: Price estimation is a different process from cost estimation. Price estimation involves estimating the price that a customer is willing to pay for a product or service. Cost estimation, on the other hand, involves estimating the costs of producing a product or service.
- D. choose dependent variable: The dependent variable is the variable that is measured in an experiment to see how it is affected by the independent variable. In the context of cost estimation, the dependent variable would be the cost of a project.