The cost estimating approach that involves "eye-balling" the closest fitting line to the data is the:
A)scattergraph method.
B)high-low method.
C)visual fit method.
D)regression analysis.

Question

Quizplus · Accepted Answer

The cost estimating approach that involves "eye-balling" the closest fitting line to the data is known as a visual fit method. The scattergraph method involves plotting the data points on a graph and observing the correlation between the two variables. The high-low method involves using the highest and lowest values to estimate the cost function. Regression analysis is a more rigorous statistical technique used to determine the relationship between variables. Therefore, the best choice for this question would be C: visual fit method.

The Cost Estimating Approach That Involves "Eye-Balling" the Closest Fitting