What are the three cost estimate methods, and what are the differences among them? Which method is more appropriate for your design project and why?
What will be an ideal response?
1. Methods engineering where separate elements of work are detailed and summed to create a total cost.
2. Analogy where costs are based on previous similar products, but with adjustments for current materials pricing and quantities.
3. Statistical approach where regression analysis or other statistical methods are used to determine relationships between costs and system parameters.
For this project, the methods engineering approach is more appropriate since students will likely not have prior projects to base estimates on, nor will they have sufficient data to use a statistical approach.
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