Parametric Estimation is a method that involves using statistical models and historical data to establish cost relationships between variables such as project size, duration, and resource requirements. These models can provide cost estimates based on specific project characteristics.*TRUEFALSE

Name three basic tools and techniques used for project cost estimatio

These are part of the Techniques for Estimating Project Costs, except:*A. Three-Point EstimationB. Analogous EstimationC. Direct Labor Expense

Cost budgeting can be best described by which of the following?1. The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation thatcould occur during the project2. The process of assembling and predicting costs of a project over its life cycle3. The process of establishing budgets, standards, and a monitoring system by which the investment cost of the projectcan be measured and managed4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis

Which type of project cost estimate is the most accurate?a.Order of magnitudeb.Preliminaryc.Conceptuald.Definitive

what is software effort estimation?