Question

The blank is an estimating technique which requires knowledge and experience

Answer 1

The ratio method exists as  an estimating technique which requires knowledge and experience,

What is meant by ratio method?

• Ratio technique: This method uses a basic project attribute, like size in square meters or the number of software features, and the cost per meter or feature to project the overall cost and length of the project.
• Ratio analysis in project management can measure how effectively resources are being managed and how efficiently the project is running. The balance sheet and income statement of an organization are typically where financial ratios in the corporate environment are derived.
• A measure of the relationship between a proposed project's relative costs and benefits, expressed in monetary or qualitative terms, is the benefit-cost ratio (BCR). The expectation is that a project with a BCR of greater than 1.0 will provide a firm and its investors with a positive net present value.

Hence, The ratio method exists as  an estimating technique which requires knowledge and experience,

To learn more about ratio method refer to:

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