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What is a common method used to improve the degree of accuracy in estimating costs?

19. What is a common method used to improve the degree of accuracy in estimating costs?

1. Using rough estimates
2. Ignoring contingency factors
3. Relying on past project data only
4. Applying standard unit costs and detailed quantity take-offs

Answer

The correct answer is: D) Applying standard unit costs and detailed quantity take-offs

Explanation

Detailed quantity take-offs and the application of standard unit costs lead to more accurate and reliable cost estimates.