Final answer:
There are two types of cost estimation techniques: mathematical models and rule-of-thumb approaches. Mathematical models use mathematical equations to estimate costs, while rule-of-thumb approaches involve practical guidelines and approximations. Mathematical models are used to analyze the link between the science behind a technique and its implementation costs, while rule-of-thumb approaches rely on prior experience and sound reasoning.
Step-by-step explanation:
There are two types of cost estimation techniques: mathematical models and rule-of-thumb approaches.
Mathematical models use mathematical equations to estimate costs for different approaches. These models generate costs for various alternative solutions and help analyze the link between the science behind a technique and its implementation costs. For example, in the context of water costs, mathematical models can generate costs per thousand gallons of water for different systems.
Rule-of-thumb approaches, on the other hand, involve using practical guidelines or approximations to estimate costs. These approaches rely on prior experience and sound reasoning to arrive at rough ideas of a quantity's value. For instance, estimating the energy investment in a laptop computer based on its mass and cost can be done using rule-of-thumb approaches.