[Solved] Which of the following is the most correct estimate? (2024)

FAQs

[Solved] Which of the following is the most correct estimate? ›

Detailed estimate:

Detailed estimate: A detailed estimate is the most accurate method and consists of working out the quantities of each item of works and working the cost. The dimensions are taken directly from the drawings and quantities of each item are calculated.

Answer: Detailed estimate is the most reliable estimation. A imprecise calculation of the value, number, quantity, or extent of something is defined as an estimate.

Detailed Estimate

It is an accurate estimate prepared by work. It consists of reports, general specifications, drawings, and analysis of rates.

Parametric Estimating is more accurate as it uses mathematical relationships to estimate costs based on specific variables.

Explanation: Detailed estimate: A detailed estimate should have documents such as report, specifications, drawings/plans, design charts and schedule of rates and is the most accurate method of estimating.

Accurate means “flawless, correct, actual, exact,” and an estimate is “an opinion, a statement of the approximate, a guess, an impression.” Combining the two, an “accurate estimate” is an oxymoron, but this does not change the fact that project managers are asked to provide them.

The most reliable estimate is Detailed estimation.

Bottom-Up Estimate

In fact, bottom-up estimates are the most accurate type of cost estimate. This method also takes lots of time to prepare and should only be used if there's sufficient information and time to do so.

Best estimate means an income, expense, or circ*mstance prediction based on past amounts of income and expenses and known factual information concerning future circ*mstances which affect eligibility, expenses to be incurred; or income to be received in the benefit month.

What is the most reliable form of estimating? ›

Parametric estimation is an extremely precise way of estimating a project. Whether you're looking at timeline, cost, or resource requirements, parametric estimates are more accurate than other forms of estimate because of how they are calculated.

In order to provide a more detailed and accurate cost estimate, a lead estimator can take several steps, such as encouraging bottom-up estimating, gathering requirements more effectively, and determining pessimistic, best guess, and optimistic estimates.

In statistics, maximum likelihood estimation (MLE) is a method of estimating the parameters of an assumed probability distribution, given some observed data. This is achieved by maximizing a likelihood function so that, under the assumed statistical model, the observed data is most probable.

Definitive estimate:

Typically, bottom-up estimates are placed in this category – the most accurate estimate is a definitive estimate, since the way to create one is to estimate the individual costs for the different parts of the project and then put them together into one estimate.

Bottom-Up Estimating

The most accurate and time-consuming estimating method is to identify the cost of each item in each activity of the schedule, including labor and materials.

The actual cost method is probably the most accurate cost estimating method when the data is available. The Office of Cost Assessment and Program Evaluation (CAPE) prefers this method since it uses actual or near actual data for the system of interest.

Definitive estimate:

Typically, bottom-up estimates are placed in this category – the most accurate estimate is a definitive estimate, since the way to create one is to estimate the individual costs for the different parts of the project and then put them together into one estimate.