Final answer:
The conference method is a technique used to estimate a cost function by gathering input from multiple experts. It offers the advantages of consensus and diverse perspectives.
Step-by-step explanation:
The conference method is a technique used to estimate a cost function by gathering input from multiple experts. It involves conducting a conference or meeting where experts provide their opinions on the potential relationship between the cost and the factors that influence it.
Two advantages of the conference method are:
- Consensus: By gathering input from multiple experts, the conference method helps in reaching a consensus on the cost function estimation. This reduces the reliance on the judgment of a single individual.
- Diverse Perspectives: The conference method allows for the consideration of diverse perspectives. Different experts may have unique insights and experiences, which can contribute to a more comprehensive and accurate estimation of the cost function.