If the cost estimate will be the basis for contract awards and performance reporting,it should be a ____ and as accurate as possible.
A)budgetary estimate
B)definitive estimate
C)rough order of magnitude estimate
D)final estimate

Question

Quizplus · Accepted Answer

A definitive estimate is the most accurate type of cost estimate and is typically used when the project scope and requirements are well-defined. This type of estimate provides a detailed breakdown of all costs involved in completing the project and is suitable for use in contract awards and performance reporting. The other options, a budgetary estimate and a rough order of magnitude estimate, are less precise and may not be suitable for use in contract awards and performance reporting. A final estimate is typically created after the project is completed and would not be used for contract awards or performance reporting.

If the Cost Estimate Will Be the Basis for Contract