The 'conference method' estimates cost functions:
A)using time-and-motion studies.
B)using quantitative methods that can be very time-consuming and costly.
C)based on analysis and opinions gathered from various departments.
D)by mathematically analysing the relationship between inputs and outputs in physical terms.

Question

Quizplus · Accepted Answer

The conference method estimates cost functions through the analysis and opinions gathered from various departments. This method is more subjective and relies on the input of individuals with different areas of expertise and knowledge of the cost factors involved. It is not as mathematically rigorous as other methods but can provide valuable insights and perspectives for estimating costs.

The 'Conference Method' Estimates Cost Functions