Principles of effective cost estimation

Principle 6: Combine multiple independent estimates.

• Use several different techniques and compare the results.
• If there are discrepancies, analyze your calculations to discover what factors causing the differences.
• Use the Delphi technique.

  • Several individuals initially make cost estimates in private.
  • They then share their estimates to discover the discrepancies.
  • Each individual repeatedly adjusts his or her estimates until a consensus is reached.

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