Question

What are the advantages and disadvantages of engineering methods in cost estimation?

Answer 1

The advantages of engineering methods in cost estimation include quick predictions, analysis of alternative solutions, and normalization for comparison. The disadvantages include potential for erroneous predictions and being time-consuming.

Step-by-step explanation:

The advantages of engineering methods in cost estimation include:

1. Quick predictions: Engineering methods, such as mathematical models, can provide predictions quickly.
2. Analysis of alternative solutions: These methods can help analyze the cost of implementing alternative solutions during the idea generation phase.
3. Normalization for comparison: Engineering methods allow for costs to be normalized, enabling easier comparison with other options.

The disadvantages of engineering methods in cost estimation include:

1. Potential for erroneous predictions: There is a risk of engineering models making incorrect predictions.
2. Time-consuming: Some engineering methods, like complex models, may require a longer time to make predictions.