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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?

1. Simple averaging
2. Parametric estimating
3. Analogous estimating
4. 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.