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Which tool or technique is often used to ensure a higher degree of accuracy in cost estimates for large projects?
20. Which tool or technique is often used to ensure a higher degree of accuracy in cost estimates for large projects?
- Simple averaging
- Parametric estimating
- Analogous estimating
- Rough order of magnitude estimating
Answer
The correct answer is: B) Parametric estimating
Explanation
Parametric estimating uses statistical relationships between historical data and other project variables to enhance the accuracy of cost estimates for large projects.