Asked by Quentin Washington on Apr 25, 2024

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The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.

Estimate Cost

The process of forecasting the financial expenditure required to complete a project or produce a good.

Selection Phase

The stage in a project or procurement process where options are evaluated and choices are made regarding resources, suppliers, or methods.

Detailed Estimates

Comprehensive predictions of the expected costs, resources, or time needed to complete a project component or task.

  • Grasp the differences in estimating methods across project phases.
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Abdallah AL-zabn7 days ago
Final Answer :
False
Explanation :
During the selection phase, methods used to estimate project costs are typically quicker and less resource-intensive, relying on high-level information, as opposed to detailed estimates in later phases which are more accurate and thus require more time and resources.