Rank the four different types of cost estimates from most to least accurate and explain what the inputs are to each type
What will be an ideal response?
The cost estimates as ranked from most accurate to least accurate are definitive estimates, feasibility estimates, comparative estimates, and ballpark, or order of magnitude estimates. Definitive estimates are expected to have an accuracy of plus or minus 5% and can be completed only after the completion of most design work, at a point when the scope and capabilities of the project are quite well understood. Feasibility estimates are within plus or minus 10% and are made after completion of the preliminary design work following initial scope development upon receiving quotes from suppliers and subcontractors. Comparative estimates approach plus or minus 15% accuracy and are based on the assumption that historical data can be used as a frame of reference for current estimates on similar projects. Ballpark estimates are created when information or time (or both) are scarce and are targeted at plus or minus 30%.
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Which of the following training techniques provides the learners with a few details about the situation and then requires the learners to ask questions to obtain the other necessary information in order to solve the problem?
A. Incident method B. Business game C In-basket D. Role-playing
1. Compare and contrast prediction and creation.
What will be an ideal response?
Activity-based costing can be used in determining the cost of services as well as products
Indicate whether the statement is true or false
In a global trade transaction seller would ship monster cables from Port of Oakland to Bangkok, Thailand under an irrevocable letter of credit. The Thai buyer's bank issued the letter of credit with the instruction that the monster cables be placed aboard the George Mason on November 25, 2013. The loading brokers loaded the monster cables on board the ship on November 26, 2013 at 0100 hours (i.e
1 am). On the manifest the broker wrote placed on board November 25, 2013. The confirming bank refuses to pay due to the fraud. Is the confirming bank obligated to pay to beneficiary or holder of the letter of credit. Indicate whether the statement is true or false